Litecoin’s daily transactions have hit a new record of 576.70k, based on data from BitinfoCharts. The token’s on-chain movements mirrored closely with Bitcoin as the latter grappled with network congestion and higher transaction fees.
In just a year, LTC transactions have grown significantly by a staggering 409%. The chart below shows that there was a noticeable spike beginning on May 1st with just 100k transactions.
On the other hand, the number of daily Bitcoin transactions reached a new high of 682k during that time.
Widely regarded as the first alternative crypto, LTC is at the center of attention once again.
A few days back, the Litecoin network trounced Bitcoin in terms of network activity and growth across a number of parameters.
One such indicator of network activity is the number of newly generated addresses within a given time frame. LTC had 595,000 new addresses in the last day compared to Bitcoin’s 331,000.
This represents a critical turning point for “the silver to Bitcoin’s gold,” which has long been considered a Bitcoin substitute.
The latest surge is primarily due to the recent BRC-20 and LTC-20 developments on the respective blockchains. These new protocols built on top of BTC and LTC are reminiscent of the time when Ethereum’s ERC-20 standard was popular.
Litecoin Could See 700% Price Surge- Creator
Additionally, it also includes those used for the popular Ordinals protocol which has been one of the major contributors to the higher Bitcoin transaction fees.
Ranked 12th on the list of cryptocurrencies by market cap, LTC is exchanging hands at $80.
Recently, LTC’s creator Charlie Lee dropped the biggest bomb when he declared that the asset’s “higher throughput by design, scalability with extension blocks, better fungibility, and privacy from MWEB [MimbleWimble]” might cause a climb to 0.025 BTC, or over 700%, in the upcoming bull cycle.
That said, Litecoin’s price has gradually increased over the last six months. Although it was formerly ranked among the top 10 cryptos, the asset has not dropped drastically.
Initially developed as a payment method to address the high-fee issue on the Bitcoin network. The token is now recognized for trading on numerous trading platforms all over the world.
The Binance exchange, Gate.io crypto exchange, and Coinbase are among the leading CEXs with the highest trade volume for LTC.