The Litecoin network has been on fire this month. As the halving draws near, it appears that the adoption for the coin is increasing. Addresses have also continued to skyrocket. This further strengthens the sentiments that the market is mostly bullish on Litecoin, thanks to the upcoming halving.

According to a recent update, Litecoin addresses have increased so much that the coin is looking to top the previous all-time high.

According to InTheBlock, a market intelligence platform, Litecoin is closing the month of May on a strong note. The network seems to have outperformed other rival networks as new addresses have spiked to a whopping 8.5 million. The analytics platform tweeted:

Litecoin had a strong month. Total addresses with a balance has increased more intensely since the end of April and we now observe nearly 8.5 million LTC addresses with a balance!

Litecoin had a strong month. Total addresses with a balance has increased more intensely since the end of April and we now observe nearly 8.5 million LTC addresses with a balance!#Litecoin pic.twitter.com/seMsdiJEup

— IntoTheBlock (@intotheblock) May 30, 2023

Many industry players have been keeping up with Litecoin’s progress over the past few months. Prior to the network hitting yet another milestone, InTheBlock, has since detailed the growth that the Litecoin (LTC) network had recorded in recent times.

Litecoin (LTC) poised to skyrocket past the $100 price mark

According to a tweet made by the platform in March, Litecoin notably saw a significant surge in the number of addresses holding a balance. The numbers were nearing 10 million at the time of the report. According to data shared by InTheBlock, a staggering 7.09 million addresses were holding a balance.

The new development revealed that Litecoin was on the verge of breaking its record from 2021. Notably, Litecoin addresses also surpassed other leading blockchain networks. While the likes of Cardano, Dogecoin, and Polygon were largely talked about, the number of addresses on the Litecoin network surpassed that of all three blockchains.

With an impressive 7.09 million addresses holding a balance, litecoin is on the verge of reaching a new ATH in addresses with a balance. As a highly-used payment crypto, LTC address count easily exceeds that of other notable assets such as Cardano, Dogecoin, and Polygon.

With an impressive 7.09 million addresses holding a balance, @litecoin is on the verge of reaching a new ATH in addresses with a balance. As a highly-used payment crypto, $LTC address count easily exceeds that of other notable assets such as Cardano, Dogecoin, and Polygon. #LTC pic.twitter.com/xPUQ7ftrMV

— IntoTheBlock (@intotheblock) March 30, 2023

The highly anticipated Litecoin halving is scheduled to take place in August. The halving will result in a reduction in mining rewards.

Litecoin (LTC) is expected to hit the $100 price level after the halving. Some key players even expect the asset to cross that price point. At the time of this report, the altcoin is trading at a price of $89.49, after hitting a recent high of $93. Although the asset lost over 2% of its price value in the last 24 hours, the bulls are currently clearing losses.