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Litecoin Soars: 160M Transactions Milestone & Anticipation Builds For Halving Event

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The renowned cryptocurrency Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, announced on Twitter that the network achieved a significant milestone by successfully processing its 160 millionth transaction. 

This accomplishment highlights the network’s robustness and widespread usage. Impressively, over the past six weeks alone, it has processed an astonishing 10 million transactions, further demonstrating its growing popularity and adoption.

Litecoin Climbs Amidst Anticipation of Halving Event

Moreover, according to a report from AQX, LTC has been experiencing a surge in recent days amidst consolidation in the broader crypto market. 

Traders believe that the cryptocurrency’s strong performance can be attributed to technical buying and confidence surrounding the upcoming LTC halving scheduled for August 3rd, 2023.

So, what exactly is an LTC halving? It refers to an event in the blockchain where mining rewards for each block are cut in half. This reduction occurs every four years or after every 840,000 blocks mined. 

Currently, the block reward is 12.5 LTC, but after the third halving, it will be reduced to 6.25 LTC. This halving aims to reduce the inflation rate of Litecoin, regulate its supply, and potentially increase its value due to scarcity.

Litecoin’s halving impacts both miners and traders. Miners’ profitability is reduced after a halving event, potentially leading to a decrease in the hash rate and Litecoin’s security. 

However, the hash rate and security may increase if miners adapt to the change with more efficient practices. Additionally, the inflation rate of LTC decreases, making it more valuable over time. It could boost its price and adoption as a store of value and medium of exchange.

While Litecoin’s halving has significance, it doesn’t have the same market impact as Bitcoin’s halving. LTC’s market capitalization is much smaller and has a different level of scarcity than Bitcoin’s. 

Nevertheless, investors should closely monitor Litecoin’s halving in 2023, although predicting its impact on price is challenging based on past halving events.

However, LTC’s halving event brings both opportunities and uncertainties for investors and miners alike. As the crypto market continues to grow, the true effects of the halving will become clearer in due course.

Related Reading | Shiba Inu Grabs Whales Attention As 40B SHIB Tokens Tossed In Exchanges

OKX Empowers HK Retail Investors: Unveiling Access To 16 Prominent Crypto Assets

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OKX, the world’s second-largest crypto exchange, has announced the availability of listed tokens for retail investors in Hong Kong. The exchange now allows Hong Kong users to buy, sell, and convert 16 major virtual assets through their app.

The listed tokens include popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC), Solana (SOL), Polkadot (DOT), Uniswap (UNI), Chainlink (LINK), The Sandbox (SAND), Litecoin (LTC), Avalanche (AVAX), Axie Infinity (AXS), Cosmos (ATOM), Stellar (XLM), and stablecoins USDT and USDC.

The OKX app provides multiple options for purchasing tokens. Users can buy them with Hong Kong dollars (HKD), engage in peer-to-peer (P2P) transactions, or use ApplePay, Visa, and Mastercard through third-party providers. 

To meet the requirements set by Hong Kong’s regulatory framework, tokens listed on OKX must meet the criteria of the two cryptocurrency indexes launched by traditional financial institutions and have existed for at least 12 months.

Interestingly, BCH (Bitcoin Cash) is the only token included in the traditional entry index but is not listed on OKX HK. AXS (Axie Infinity) and SAND (The Sandbox) have gained attention within the industry, possibly due to the government support that Animoca, the parent company of these projects, receives in Hong Kong.

OKX Aims To Support Hong Kong’s Crypto Policy Goals

OKX has made significant efforts to ensure the security and compliance of its app. The company stands out among major crypto exchanges by publishing its monthly Proof of Reserves, which showcases its crypto holdings. 

Furthermore, the company is actively collaborating with Hong Kong authorities to demonstrate its security, custody, anti-money laundering (AML), and compliance capabilities.

Lennix Lai, OKX Global Chief Commercial Officer, emphasized the commitment of the exchange to provide a secure and user-friendly crypto trading experience for everyone in Hong Kong. 

Lai added:

We will continue to collaborate with Hong Kong regulators in the process of our licensing efforts under the new VASP regime and invest in making this city a resurgent digital assets hub in support of the government’s policy goals.

In the future, the exchange plans to release additional features to enhance further and diversify the user experience, following guidance from the Hong Kong Securities & Futures Commission.

Related Reading |  Coinbase Exchange Base L2 Unveils Criteria For Mainnet Launch, Prioritizing Safety And Security 

Litecoin Surges 15% In Weekly Chart As Network Development Unleashes Future Potential

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Litecoin is causing a stir in the market as it records an impressive surge of nearly 15% in the weekly chart. This significant gain indicates a potential shift in momentum for the cryptocurrency.

Furthermore, the network usage of Litecoin is experiencing a remarkable increase, indicating growing interest and activity surrounding the digital currency.

Adding to the excitement, Litecoin’s halving event is looming ahead, which is anticipated to impact its value and market dynamics further.

According to the data from CoinMarketcap, Litecoin (LTC) is presently being traded at $92.00, experiencing a slight increase in value over the past 24 hours. Earlier today, the coin reached its daily peak at $94.87.

LTC 7D graph coinmarketcap 1
Source: CoinMarketcap

However, the weekly performance indicates a notable transformation as the coin initiated the week at $81.07 and steadily progressed toward crucial resistance levels.

Despite this, the current trading volume and market capitalization both indicate a decline, with a decrease of approximately 30.31% and 0.10%, respectively, in the last 24 hours’ time zone.

The technical indicators suggest a bullish sentiment, but the Fear & Greed Index shows extreme fear. Litecoin has decreased by -9.26% in the last 30 days, but a slight recovery is expected in the coming month.

However, the coin is projected to increase by 110.75% by the end of May to approximately $194.22. Currently, it is trading below the 200-day simple moving average (SMA), which has shown a buying signal since December 31, 2023. The price is also below the 50-day SMA, indicating a buy signal.

image 64

According to the indicators, the 200-day SMA will drop, and the price is expected to reach $82.35 by December. In the short term, the 50-day SMA suggests a price of $89.62. Additionally, the Relative Strength Index (RSI) is currently at RSIValue, indicating a neutral position for the LTC market.

Litecoin Soars To Second Place As Price Rally Continues 

Litecoin’s (LTC) significant rise in the weekly chart makes it the second-best-performing digital asset, with a market capitalization of over $1 billion. The value of open futures contracts tied to Litecoin has reached $478 million, the highest since December. 

This suggests a rise in new investment, although the market sentiment remains uncertain. According to Markus Thielen, head of research and strategy at Matrixport, LTC has benefited from congestion on the Bitcoin network caused by the surge in Bitcoin Request for Comment (BRC-20) tokens. 

Litecoin also saw increased activity with the introduction of LTC-20, a fork of BRC-20. However, Thielen warns that Litecoin’s price may decline in the coming weeks as Bitcoin’s network congestion eases. 

Additionally, historical data indicates a dominant selling trend leading up to Litecoin’s upcoming mining reward halving, expected in less than 80 days. Traders are advised to consider setting up shorts as momentum potentially turns lower.

Related Reading | Ethereum Genesis Era Whale Reactivates, Stakes $7.4M ETH

Litecoin Surges: 130% Boost In Trading Volume & Nearly 8% Price Gain In 24 Hours

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In the fast-paced world of cryptocurrency, Litecoin is making waves as the 13th largest digital currency with a bullish ride that’s turning heads. In the past 24 hours, trading volume has surged by an impressive 130%, while the price of Litecoin has risen by almost 8% and is currently trading at $86.94.

But the excitement doesn’t stop there. The weekly chart shows a rise of about 6.56%, which is further boosting Litecoin’s market cap by 7.38%. With such impressive growth, it’s no wonder that Litecoin is capturing the attention of investors and traders alike.

The reason behind the surge in its price can be the latest announcement on Twitter by Litecoin. The announcement said the first lightning transaction was conducted on Litecoin. This news has generated a lot of interest in the market and caused the price of Litecoin to soar.

Moreover, Litecoin has introduced a new feature called MWEB that promises to increase its scalability by 10 times. It is a significant development for the cryptocurrency and has garnered attention from investors and traders alike.

However, these remarkable developments underscore the immense potential and growing popularity of Litcoin in the crypto market. Investors and enthusiasts alike are captivated by its remarkable performance and eagerly await further breakthroughs. 

Litecoin Price Prediction

The once-ailing LTC has finally managed to break free from its downward spiral. After a prolonged period of decline since mid-February, the cryptocurrency has recently displayed signs of a bullish resurgence. Within the past 24 hours alone, LTC experienced a trading range with a low of $80.85 and a high of $87.54.

LTC 1D graph coinmarketcap
Source: Coinmarketcap

However, despite this newfound glimmer of hope, LTC’s current price remains dishearteningly low, down by a staggering 78.98% from its record-breaking All-Time High of $412.96, set on May 10, 2021, precisely two years ago.

According to the latest technical analysis of LTC, experts have identified a bullish trend in the long term. This trend indicates that the price of LTC is expected to experience a significant increase over the next seven days, reaching approximately $87.90 by May 22, 2023.

In the short term, a machine learning algorithm has determined that LTC is currently exhibiting a neutral trend. As a result, investors should anticipate a slight upward movement in the price of LTC, with a possibility of a minor decrease within the next few hours.

Related Reading | Shiba Inu Scores High On Social Performance Amidst Waning Memecoin Frenzy

Litecoin’s Active Address Surge: Is LTC20 The Driving Force Behind The Hype?

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Santiment, a cryptocurrency data analytics firm, has tweeted about the upcoming Litecoin halving in August. The company’s latest insight report delves into the sudden increase in active addresses on the Litecoin network, as well as the impact of LTC20 on network activity and supply distribution.

While LTC’s transaction volume has only seen a slight increase, the number of active addresses has significantly risen. This suggests that most of these transactions are relatively small in size. 

image 31

The surge in active addresses could be due to the introduction of LTC20 on Litecoin, an experimental standard for non-fungible tokens (NFTs). Twitter users in the Litecoin community have been discussing its implementation.

The smallest group of wallets, holding between 0 and 0.001 LTC, is growing rapidly in tandem with the increase in active addresses, indicating that LTC20 could be the driving force behind this anomaly. It remains to be seen if the Litecoin hype will continue to build in the coming weeks leading up to the halving.

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Litecoin's Active Address Surge: Is LTC20 The Driving Force Behind The Hype? 7

It is worth monitoring the current trends and potential influence of LTC20 on Litecoin’s active addresses. The market’s direction cannot be predicted, but this insight report provides valuable information for cryptocurrency traders and enthusiasts. 

Litecoin Price Analysis

LTC is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $80.67, up by about 2.01% in the last 24 hours. However, the weekly chart recorded a decline of about 7%, indicating some market volatility. 

LTC 7D graph coinmarketcap
Source: CoinMarketcap

In addition, LTC’s trading volume has witnessed a decrease of 35.71%, reaching $410,168,745, whereas the market capitalization has increased by 2.02%. 

According to a technical analysis of the coin, a bearish trend has been observed in the long term, indicating a predicted decrease of $1.73 in the price of Litecoin over the next 7 days. This downward trend is expected to continue until May 20th, 2023, when the price is predicted to reach $79.02.

In the short term, the machine learning algorithm has identified a current bearish trend for LTC, which suggests a slight decrease in the price over the next few hours. 

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Litecoin Emerges As A Viable Alternative To Bitcoin Amid Rising Transaction Fees

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According to data recorded on the blockchain, there has been an increase in the usage of Litecoin, indicating that investors who invest in Bitcoin may be utilizing Litecoin’s affordable transaction fees to their benefit.

The Bitcoin network has experienced a surge in transaction fees due to its high level of blockchain activity. The increased activity can be attributed to the emergence of BRC-20 tokens, fungible tokens created on the chain utilizing the Ordinals protocol.

Many meme coins have emerged that use this technique (particularly Pepe Coin (PEPE), which has achieved exceptionally quick adoption). Hence the chain has seen a high amount of transfers.

During periods of network congestion, investors are compelled to pay exorbitant transaction fees to increase the chances of their transfers being processed swiftly.

Normally, investors are willing to pay higher fees when mempool waiting periods are extended, but the congestion has been at historical levels. Thus, the rivalry to verify transactions is exceptionally fierce, increasing prices.

Litecoin Benefits From Bitcoin Network Congestion As Holders Seek Faster Transactions

Some holders may temporarily switch to other blockchains. Santiment, an on-chain analytics firm, reports that Litecoin has reaped the rewards of the Bitcoin congestion. It is renowned for its swift transactions and minimal fees. This outcome is not unexpected.

The blockchain’s daily transaction volume demonstrates the primary indication of this phenomenon. A chart that depicts the current trend in this LTC metric is provided below.

3ca8619338b2ee5eadaf2eeadfba62e6df1d95bca4ba2e11f8ac7e93d997af7f 1683695789726 trans
Source: Santiments

The graph above shows that the total number of Litecoin transactions on the blockchain has lately increased significantly. The date of this spike corresponds to the congestion on the Bitcoin network. Therefore, it appears logical to assume that the two are related.

A further modification that has taken place on the LTC network can be observed in the supply retained by investors who possess a wallet balance ranging from 0-1,000 LTC. The chart presented below emphasizes this point.

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Source: Twitter

The graph shows that the supply of these little Litecoin holders has been quickly expanding in the last week or two. This shows that these retail investors have lately accumulated.

The chart also includes information regarding the supplies owned by the 10,000-100,000 coins and 100,000-1,000,000 coins groups. These groups are typically referred to as the sharks and whales, respectively. These large-scale investors have experienced only minor supply changes during this time frame.

Solely minor investors may be transitioning from Bitcoin to Litecoin since the advantages of a reduced transaction fee would be more significant for holders who make smaller payments. This is evidenced by the fact that sharks and whales possess such large volumes that even high fees would have a negligible impact and have not been significantly affected.

Litecoin (LTC) Price

As of this writing, Litecoin is traded at $79.05, indicating a 6% decrease over the last week.

Related Reading: | BRC-20 Coins Take Aim at Bitcoin as Fees Skyrocket, Analyst Suggests |

LTCUSDT 2023 05 12 01 00 50
Source: Tradingview.com

BIT Mining’s LD4: The Ultimate Dogecoin & Litecoin Mining Machine

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BIT Mining Limited, a prominent cryptocurrency mining company, has unveiled its latest mining machine, the LD4, designed for mining Dogecoin and Litecoin, according to the press release.

The LD4 boasts an impressive energy consumption index of 0.71 W/MH, significantly outperforming Bitmain’s L7, which has a performance index twice as high. This new release reinforces BIT Mining’s position as a technology-driven leader in the industry.

The LD4, Dogecoin, and Litecoin mining machine is the third ASIC mining machine developed by BIT Mining since its acquisition of mining hardware manufacturer Bee Computing in 2022. Extensive testing and trials have contributed to the LD4’s superior hardware and exceptional performance. 

LD4 Sets A New Standard For Dogecoin Mining Performance

Notably, the LD4 achieves a power efficiency improvement of 0.02 W/MH compared to its predecessor, the LD3. With a peak output of 5GH/s, surpassing the LD3’s 4800 MH/s, the LD4 sets a new standard for mining efficiency in the Dogecoin and Litecoin markets.

The LD4 incorporates reliable design features, including efficient heat dissipation, enabling its computing chip to operate at lower temperatures during continuous operations, resulting in an extended lifespan. 

Moreover, the LD4 boasts enhanced security features, combining hardware-level protection with high-level security software equipped with the latest vulnerability patches.

Significant improvements can be observed in the LD4’s construction compared to the LD3. The LD4 utilizes an aluminum Printed Circuit Board (PCB) and a single airflow channel mining machine design, delivering numerous advantages over its predecessor. 

Aluminum PCBs offer superior thermal conductivity, lightweight construction, reduced production costs, and environmental friendliness. They help maintain optimal operating temperatures, ensuring efficient performance and longevity.

The single airflow channel design enhances structural compactness, ease of installation and maintenance, thermal performance, and cost-effectiveness. 

This design allows for deploying more mining machines within limited spaces, simplifies assembly and maintenance, and ultimately reduces operational costs.

The LD4’s single airflow channel ensures optimal temperature regulation, contributing to its exceptional efficiency.

BIT Mining’s implementation of high-performance mining machine designs with single airflow channels and aluminum PCBs distinguishes the company from its competitors. This technological superiority underlines BIT Mining’s position as a leading industry player.

Mr. Xianfeng Yang, CEO of BIT Mining, expressed his satisfaction with the LD4’s development, emphasizing the company’s commitment to continuously improving mining machines and promoting efficiency in the industry. 

With unmatched sophistication and technical expertise, BIT Mining remains dedicated to pushing the boundaries of cryptocurrency mining technology.

However, the launch of the LD4 signifies a significant leap forward in mining machine design and efficiency, solidifying BIT Mining’s position as a global leader in the field.

Related Reading | Apecoin (APE) vs. Dogecoin (DOGE) – Crypto Community Prefer Collateral Network (COLT) For 35x Gains 

Why Ripple (XRP) and Litecoin (LTC) Are Displaying Upward Momentum As Orbeon Protocol (ORBN) Soars Amid Presale

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This week, the cryptocurrency market is displaying strong momentum, with major digital assets like Ripple (XRP) and Litecoin (LTC) soaring to grand heights. In addition, Orbeon Protocol (ORBN) is also making waves, with its presale achieving massive success and the token experiencing a surge in demand with a recent 2713% price appreciation. Let’s take a closer look at why these particular cryptos have been demonstrating such impressive upward momentum.

>>BUY ORBEON TOKENS HERE<<

Ripple (XRP)

Ripple (XRP) has an impressive price pump this week, as its price rocketed from $0.36 to $0.56 in just seven days. This large spike in the Ripple (XRP) price is particularly noteworthy considering that Ripple (XRP) is a top-15 cryptocurrency in terms of market capitalization.

The SEC’s lawsuit against Ripple (XRP) as of December 2020 had a detrimental impact on the asset, with the Ripple (XRP) price falling from $0.78 to a low of $0.18 in just one month. However, it seems that Ripple (XRP) now holds the winning hand, with speculation growing that Ripple (XRP) will win the case.

If this speculation is true, the price of Ripple (XRP) will continue to soar beyond expectation. Analysts even suspect that Ripple (XRP) will revisit the all-time of $3.84, especially in a crypto-wide bull run.

>>BUY ORBEON TOKENS HERE<<

Litecoin (LTC) 

Litecoin (LTC) was developed as a fork of the Bitcoin (BTC) codebase, making it a cryptocurrency that offers similar features to Bitcoin (BTC), but with faster confirmation times. Litecoin (LTC) is also renowned for its low transaction fees and exceptional scalability.

But it is not these advantages alone that are driving up the price of Litecoin (LTC). The answer lies in the impending Litecoin (LTC) halving event, scheduled for later in the year and anticipated to propel the value of Litecoin (LTC).

The halving event will slash the block reward from 12.5 LTC to 6.25 LTC, leading to a decrease in the fresh supply of Litecoin (LTC) entering the market. Historically, the price of Litecoin (LTC) tends to rise during halving events, and numerous analysts predict this pattern to persist in 2023.

Litecoin (LTC) is already on the rise, with Litecoin (LTC) growing from $65 to $96 in just two weeks. Analysts believe that the price of Litecoin (LTC) will continue to soar above $100 in the coming months, as the Litecoin (LTC) halving event draws closer.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) emerges as a groundbreaking platform within the crowdfunding sphere, providing a fresh approach for early-stage companies to acquire funding and for investors to contribute to the success of innovative ventures. By converting equity into NFTs, Orbeon Protocol (ORBN) fosters a more democratic and user-friendly investment landscape.

NFTs on the Orbeon Protocol (ORBN) marketplace represent equity in a company, granting investors an asset that can be readily exchanged in the secondary market. The Orbeon Protocol (ORBN) fractional ownership model permits investments as minimal as $1, paving the way for a broader audience to participate in the investment process.

For startups, Orbeon Protocol (ORBN) eliminates the need for navigating complex, slow and expensive fundraising methods. Instead, they can leverage Orbeon Protocol (ORBN) to establish direct connections with a diverse pool of global investors.

The ORBN token functions as the driving force of the Orbeon Protocol (ORBN), powering transactions across the platform. ORBN token holders reap a range of exclusive benefits, such as staking rewards, reduced fees, governance rights and priority access to new initiatives.

Considering the comprehensive utility packed into a single token, it’s understandable that Orbeon Protocol (ORBN) garners substantial attention during its presale. As Orbeon Protocol (ORBN) launches and matures, the demand for ORBN tokens is expected to rise with an estimated 6,000% price surge to an attractive price of $0.24, with investors seeking to capitalize on the numerous features it presents.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Rab13s Vulnerabilities Discovered In Dogecoin Code, Affecting Over 280 Networks

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A leading security firm, Halborn, has uncovered a critical vulnerability in the open-source codebase of several blockchain networks, including Dogecoin, Litecoin, and Zcash. The vulnerability has been named Rab13s, and it puts over $25 billion in digital assets at risk.

According to the blog post, after being contracted to evaluate the Dogecoin open-source codebase, Halborn discovered several exploitable vulnerabilities that have since been fixed by the Dogecoin team. 

However, upon further review, the same vulnerabilities were found in over 280 other networks, including Litecoin and Zcash. Halborn’s Senior Offensive Security Engineer, Hossam Mohamed, led the research team that uncovered the vulnerabilities.

The blog post claimed that the most critical vulnerability found by Halborn was related to the peer-to-peer communications of affected networks. Attackers can craft consensus messages and send them to individual nodes, taking them offline. 

Furthermore, an attacker can crawl the network peers using a “getaddr” message and attack “unpatched nodes. While some of the other issues were known CVEs” from Bitcoin, a zero-day vulnerability was uniquely related to Dogecoin, impacting individual miners via an RPC Remote code execution vulnerability.

After discovering zero-day vulnerabilities in certain blockchain networks, such as Litecoin and Zcash, Halborn has attempted to contact all affected networks for responsible disclosure. They urge all impacted networks to reach out for more information.

Node Upgrade Like Dogecoin: Latest Version 1.14.6

The vulnerabilities, known as Rab13s, were found in the p2p messaging mechanisms of affected networks. Due to their simplicity, these vulnerabilities increase the likelihood of attack. 

Exploiting Rab13s enables attackers to send malicious consensus messages to individual nodes, causing them to shut down and exposing the network to risks such as 51% attacks and other severe issues.

Halborn has created an exploit kit for Rab13s, complete with a proof of concept that includes configurable parameters to demonstrate attacks on different networks.

They have provided all necessary technical information to identified stakeholders to help remediate the bugs and release necessary patches for the community and miners.

For projects using a UTXO-based node (e.g., Dogecoin), Halborn recommends upgrading all nodes to the latest version (1.14.6). Due to the severity of the issues, Halborn is not releasing further technical or exploit details at this time.

Nevertheless, the discovery of the Rab13s vulnerability highlights the need for ongoing security assessments in blockchain networks. 

Halborn’s work in identifying and remediating the vulnerabilities in affected networks serves as a reminder of the importance of responsible disclosure and the need for collaboration to ensure the security and integrity of the digital asset space.

Related Reading | Peter Schiff Predicts Bitcoin’s Sharp Decline Despite Its Growth Compared To Other Assets 

Ordinals Flood Bitcoin Network With Over 154k Inscriptions

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Ordinals have taken over the Bitcoin network with almost 154000 inscriptions being logged so far, stats from Dune analytics indicated.

Ordinals have recently gained popularity and reached their peak on Valentine’s Day with the inscription of the 100,000th ordinal.

Similar to nonfungible tokens [NFTs], these Inscriptions are digital assets. They can be inscribed into one Satoshi, the smallest denomination of a Bitcoin.

The Inscription process involves writing or inscribing the data of the content stored into the witness of the Bitcoin transaction. The witness was introduced in the SegWit upgrade to the BTC network in 2017.

Segregated Witness [SegWit] refers to a change in the transaction format of Bitcoin.

The maximum size for Bitcoin blocks should be 1MB. But, Ordinal users can now add 3MB of data to each block thanks to SegWit and Taproot.

A few days back industry experts observed the on-chain effect of the Ordinal craze.

“Inscription fee rates, mean block size, and taproot utilization are all exploding, while the mempool (transaction queue) is beginning to fill for the first time in months.”

Delphi Digital on Feb. 19, reported that more than 140,000 Ordinals have been inscribed over the last month. It went on to explain:

“Users inscribe data to these specific sats, arguably fundamentally changing Bitcoin’s fungibility. Ordinals can provide wild ramifications for sat providence and the entire chain.”

It added that pressure on fees is on the rise as well as blocks are getting bigger, “which is increasing BTC’s security budget and miner profitability.”

According to the researchers, ordinal inscriptions started on December 17, 2022, although users didn’t start writing until January 21, 2023. “Since then, we have seen the market go parabolic,” it said.

The Ordinals project has now been adapted for rival proof-of-work blockchain Litecoin.

Bitcoin Ordinals Now In Litecoin

It all began on February 10, when a pseudonymous Twitter user, who goes by the name Indigo Nakamoto, offered 5 LTC [roughly $500] to anyone who could port Ordinals to Litecoin.

Subsequently, on 19 Feb. software engineer, Anthony Guerrera rolled out the Litecoin Ordinals project on GitHub after forking the GitHub repository for Bitcoin Ordinals posted by Casey Rodarmor in January.

The reason behind choosing Litecoin as per Guerrera was that it has soft forks of the SegWit and Taproot technologies featured in Bitcoin, both of which are necessary for Ordinals to function. As a result, Litecoin is the only other blockchain on which Ordinals could operate.