Litecoin has overtaken Dogecoin and Cardano in this important metric.

A sharp market decline on Tuesday led to one of the worst days in recent months for major indices and mid-caps. The decline comes after Google revealed that it is conducting benchmark tests on its new Willow quantum computing chip, raising concerns over the market's impact on crypto privacy and wallet security.

Litecoin was no exception, falling more than 8%, briefly dropping to $104, and eventually recovering to around $113. Despite this, several popular altcoins continue to lead in terms of network activity.

Litecoin sees record activity

According to a recent analysis by IntoTheBlock, Litecoin continues to show strong usage as the oldest layer 1 networks. With over 370,000 daily active addresses and over 200,000 daily transactions, Litecoin has surpassed networks such as Dogecoin, Cardano and Avalanche in terms of activity.

A key driver of this engagement is Litecoin's role as one of the few cryptocurrencies actively used for payments, strengthening its position in real-world use cases, according to the findings of the on-chain analytics platform. Its high daily trading volume, equal to the total market value, further highlighted its use.

Litecoin also adds 7.94 million addresses to its account, most of which are long-term holders. In particular, 72 percent of these owners are profitable.

Meanwhile, Litecoin's hash rate hit a new all-time high this week, hitting 1.80 PH/s per block of 2,806,273. This chapter demonstrates the growing security of the network, strengthening Litecoin's resilience and its continued appeal despite challenges on the price front.

Litecoin provides high profits for BIT mining.

The hash rate increase comes on the heels of BIT Mining's announcement that the move to mine Litecoin with Dogecoin is very profitable, with the company reporting three times more profit than mining Bitcoin alone. In the year As of November 27, BIT Mining has spent 84,485.42 LTC worth $10.7 million and 227,908,250.38 DOGE worth $94.8 million.

While the company does not disclose how much Litecoin and Dogecoin it has mined, both cryptocurrencies have seen significant price increases in recent weeks, further boosting their profitability.