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- Bitcoin experienced higher user activity compared to ETH and LTC.
- Ethereum remained the chain with the largest TVL.
After a brief scare Litecoin [LTC], Bitcoin [BTC] once again surpassed “Digital Silver” in the number of daily transactions, according to AMBCrypto’s examination of Glassnode data.
The chart showed 628,278 transactions on Bitcoin on November 16, four times more than the count on Litecoin. Note that Litecoin outperformed Bitcoin at least twice this week, with the former recording over a million transactions.
Source: Glassnode
Litecoin is promising
However, Litecoin tried to close the gap with the chain from which it was created. According to another set of data from InTheBlokit has been witnessing significantly high user activity lately.
Indeed, the daily number of active addresses on Litecoin was 797,000, compared to Bitcoin’s 960,000. The sharp spike seen this week helped Litecoin close the gap with the largest proof-of-work (PoW) chain.
Source: IntoTheBlock
In fact, Bitcoin and Lithium were the two largest Layer-1 (L1) chains in terms of engaged user base, according to IntoTheBlock. After the two PoW chains, Ethereum followed, with 405,000 daily active addresses.
Ethereum leads in TVL
But while Ethereum lagged in terms of on-chain activity, it continued to attract the most capital of any chain in the ecosystem.
According to CoinGecko, the total value (TVL) on Ethereum as of November 16 was a whopping $23 billion. This was because it was the hub for smart contracts and decentralized applications.
The fact that Ethereum’s TVL was more than the total TVL of the next nine chains on the list demonstrated its dominance.
Due to the limitations in complex smart contract functionality, Bitcoin was only able to manage an inflow of $236 million.
A look at the price charts
As on-chain and DeFi metrics revealed exciting trends, the value of native tokens also rose. The three assets, BTC, ETH and LTC, showed a bullish trend, as seen below.
How many Worth 1,10,100 BTC today?
Riding the spot ETF wave, Bitcoin grew 27.83% last month. Although Ethereum was a bit sluggish in the beginning, it was also boosted by Blackrock’s spot ETH ETF application. The rally pushed ETH’s monthly gains to 24%.
Source: Glassnode
Litecoin was relatively muted on the price charts, gaining only 14% over the past month. However, crypto has a lot to gain if network traffic increases.