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.
— 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.