Litecoin has experienced a rise in transactions on its blockchain, reaching an all-time high in the wake of a meme coin mania and rising Bitcoin costs. The Litecoin network executed more than 525,000 transactions on May 8, according to BitInfoCharts blockchain data.
The uptick in activity comes as Bitcoin’s network experiences extreme congestion due to the popularity of new Bitcoin-based BRC-20 tokens.
Since hitting its highest level in May 2021, Bitcoin transaction fees have risen dramatically, prompting users to seek cheaper alternatives like stablecoins and the Lightning Network to transfer value via blockchain.
However, This has led to a fresh wave of activity for Litecoin, whose network has proven itself as a reliable and faster alternative.
Litecoin’s Growing Popularity
Litecoin has gained traction in recent days, with a record number of transactions and a rise in the number of active wallet addresses. The Binance exchange, Gate.io crypto exchange, and Coinbase are among the top CEXs for LTC transaction volume.
Glassnode data reveals that the number of active wallet addresses on the Litecoin network rose to a record high of 718,000 on Monday. In addition, crypto users created almost 500,000 new Litecoin addresses in just one day recently.
The Litecoin Foundation took to Twitter to share the news, citing Glassnode. With its rising acceptance and demand, Litecoin has become an effective Bitcoin alternative for those looking to avoid high transaction costs and network congestion.
New addresses being created on #Litecoin are now exceeding new #Bitcoin addresses. $LTC #MondayMotivation #crypto pic.twitter.com/NNJ4RfXeD6
— Litecoin Foundation ⚡️ (@LTCFoundation) May 8, 2023
As the cryptocurrency market continues to evolve, alternative options like LTC are proving to be reliable for users seeking faster and more affordable transactions.
Furthermore, With the ongoing frenzy surrounding BRC-20 tokens, the surge in Litecoin transactions is likely to continue in the coming weeks.
Litecoin Price Analysis
The increase in network activity has also benefited Litecoin’s price. According to data from CoinMarketcap, the token price is up 3% and currently trading at $81.13.
Moreover, LTC prices are expected to rise next month. However, the asset is still down 80% from its all-time high of $410, reached in May 2021.
Related Reading | Aave v3 launches on Metis Ethereum Layer-2 Network, Offering DeFi Features & Products
Ammar Raza
Associate editorRELATED STORIES
MORE ON NEWS
Ethereum ETF Application Withdrawn by Grayscale Ahead of SEC Decision
Grayscale has unexpectedly withdrawn its application for an Ethereum (ETH) futures exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The applicant’s withdrawal would have compelled the securities regulator to make a decision on the application three weeks earlier. The cryptocurrency asset manager filed a notice to withdraw the Grayscale Ethereum Futures […]
Bitcoin’s 200-Day Moving Average Hits All-Time High, Bullish Outlook
A key technical indicator traders and analysts use to predict Bitcoin’s long-term price trends has reached an all-time high, suggesting a bullish outlook for the cryptocurrency’s future. Bitcoin’s 200-day moving average, which aims to smooth out short-term price fluctuations by taking the average of the last 200 days’ closing prices, hit $50,178 on May 6th, […]
Grayscale’s Spot Bitcoin ETF Sees Second Day of Net Inflows
Grayscale’s spot Bitcoin exchange-traded fund (GBTC) saw its second daily net inflows on May 6, drawing in $3.9 million into the converted trust, according to data from Farside Investors. As a result, the overall US spot Bitcoin ETF market recorded net positive inflows of $217 million. GBTC ended its 78-day streak of net outflows last […]
TOPICS
RELATED STORIES
MORE ON NEWS
Ethereum ETF Application Withdrawn by Grayscale Ahead of SEC Decision
Grayscale has unexpectedly withdrawn its application for an Ethereum (ETH) futures exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The applicant’s withdrawal would have compelled the securities regulator to make a decision on the application three weeks earlier. The cryptocurrency asset manager filed a notice to withdraw the Grayscale Ethereum Futures […]
Bitcoin’s 200-Day Moving Average Hits All-Time High, Bullish Outlook
A key technical indicator traders and analysts use to predict Bitcoin’s long-term price trends has reached an all-time high, suggesting a bullish outlook for the cryptocurrency’s future. Bitcoin’s 200-day moving average, which aims to smooth out short-term price fluctuations by taking the average of the last 200 days’ closing prices, hit $50,178 on May 6th, […]
Grayscale’s Spot Bitcoin ETF Sees Second Day of Net Inflows
Grayscale’s spot Bitcoin exchange-traded fund (GBTC) saw its second daily net inflows on May 6, drawing in $3.9 million into the converted trust, according to data from Farside Investors. As a result, the overall US spot Bitcoin ETF market recorded net positive inflows of $217 million. GBTC ended its 78-day streak of net outflows last […]