The Litecoin network has experienced a decline in activity this week. On January 2, LTC hit a high of over $75, but two days later it fell to $64.85.
On Wednesday, the network saw the largest amount of active addresses since December 20 with a total of 1.36 million.
However, on Thursday, the average daily amount of wallets used for transactions dropped to 621,650 according to Santiment.
However, there was a partial recovery on Friday, January 5, with LTC rising to $66.23. As a result of a significant decline, Litecoin has entered a consolidation period which experts predict will last until mid-January.
Activity on the network could potentially pick up again next week if Bitcoin starts to gain momentum after the launch of exchange-traded crypto ETFs on the US market.
Last month, the LTC network experienced its fastest expansion in five years, with over 1.2 million new wallets registered on the blockchain on December 20 alone.
