- The difference in active addresses showed that LTC transactions were higher.
- ADA and LTC could target an increase to $0.79 and $95.37 in the medium term.
Cardanos [ADA] Its market capitalization may be higher than that of Litecoin [LTC] by almost $10 billion. But when it comes to network activity, the former doesn’t come close.
According to IntoTheBlock, the number of active addresses on Litecoin stood at 357,260 as of May 31. For Cardano, it was a thorn in the side as data showed it was 28,630.
This time it’s Litecoin over Cardano
Active addresses show the number of unique wallets involved in successful transactions on a blockchain. However, it is important to note that this statistic does not apply to one address twice, regardless of the time taken to send or receive within a day.
The difference therefore means that activity on Litecoin was 12 times greater than that of Cardano. While this may not always happen, rising activity can portend a higher price for a cryptocurrency.
Source: IntoTheBlock
At the time of writing, the price of LTC was $84.52. This was an increase of 1.53% in the past 24 hours. ADA, on the other hand, was trading at $0.45, indicating that the token is moving sideways.
However, AMBCrypto checked whether Litecoin had recently undergone an important development that caused the wide margin. Our findings show that none of this materialized, meaning that market participants considered LTC more worthy of attention than ADA at this time.
But has Litecoin surpassed Cardano on all fronts? Let’s find out. One metric we evaluated was development activity. This was an area where Cardano consistently thrived.
At the time of writing, Santiment data shows that the project’s development activity has fallen to 55.57. This benchmark shows how committed developers are to ensuring the proper functioning of a blockchain.
As such, the drop implied that code commits for Cardano’s network health had decreased. For Litecoin it was not the same situation with the active addresses.
Source: Santiment
ADA and LTC are promising
At the time of writing, development activity on the Litecoin network stood at 0.036. Compared to Cardano, the public GitHub repositories dedicated to Litecoin were virtually non-existent.
However, in most cases this measure has no influence on prices. Therefore, the margin does not imply that ADA would outperform LTC.
As for the price, AMBCrypto assessed the MVRV ratio. MVRV stands for Market Value to Realized Value and measures the profitability and valuation of a cryptocurrency.
At the time of writing, Cardano’s 30-day MVRV ratio was -4.932%. This meant that many ADA holders faced unrealized losses.
Source: Santiment
However, LTC’s situation was different as the ratio was 12.38%. This positive value implies that the average LTC holder (30 day period) made a profit.
Realistic or not, here is LTC’s market cap in ADA terms
When it comes to valuation, both cryptocurrencies can be considered undervalued.
If the market returns to its extremely bullish phase, the ADA could jump to $0.79. Litecoin could also potentially reach $95.37.