Litecoin Transactions Surges to Levels not seen in Over 2 Years

The number of transactions on Litecoin surged to 129.564K, a level not seen since January 2018 when the crypto was hovering a little below its all-time high price. At the time of writing, LTC was priced at $43.74

 

As depicted by the chart above BitInfoCharts, the transaction figures have followed a consistent upward trajectory and reached a 10-months high on  20th September when it climbed to 57.345K. Shortly after, the number of transactions in the Litecoin blockchain per day saw a surge of more than 125% which coincided with the fantasy RPG game, developed by a German company, Cipsoft called the ‘LiteBringer’ going live on the LTC blockchain.

To play the game, the users need a small amount of Litecoin since all in-game transactions use the cryptocurrency. While games utilizing blockchain tech is not a new thing, but this is the first time such a big game has been launched on the Litecoin blockchain. And since it lets players to earn and trade Litecoin by completing quests and trades, the increase in popularity of the game could potentially drive the coin’s price higher.

Transactions are exploding on the #Litecoin blockchain!! This is due to the @litebringergame but the best part about it is everyone playing game has to learn about #LTC and it’s use as a currency. You can not play unless you have some lites 🔥 pic.twitter.com/9mLf6JDKn1

— Jon Moore BTC/LTC 🔑 (@jonnylitecoin) September 22, 2020

On the price front, LTC has dipped severely after its halving event in August 2019. The cryptocurrency so far hasn’t been able to recover its previous glory and despite multiple attempts, the upside breakouts have been short-lived. Currently, the coin was found to be consolidating below the 50-mark which further drove it to the 10th position on the crypto leaderboard.

But could Litecoin head for a much anticipated bullish phase?

For starters, it is not just transactions on the LTC blockchain that has recorded a massive spike. Litecoin’s active address chart has also been on a steady uptrend.

In addition, Litecoin’s hash rate was also hovering close to a 10-month high at 277.6831 Th/s. The hash rate hit an ATH of 533.8173 Th/s on 14th August 2019. However, post block reward halving the figures dropped considerably along with the price.

But the hash rate has sprung back up in action and while this uptrend does not necessarily translate into a bullish price action it does, however, it does indicate a more appealing proposition for the Litecoin miners as more mining power implied better network security against potential attacks on the blockchain [such 51% attack]. This was accompanied by a rise in mining difficulty surging to October 2019-levels.