Litecoin Overtakes Bitcoin Briefly in Transaction Count Amid Network Boom: Data
Litecoin (LTC) has experienced a monthly surge of approximately 20%, briefly surpassing the $74 mark, in tandem with a broader resurgence in the cryptocurrency market. The increased network activity has played a pivotal role in this upward trend.
Data compiled by IntoTheBlock reveals that active addresses on the Litecoin Network have reached a six-month high.
- On November 13th, the count of active addresses, indicating those involved in transactions, soared to 979.55k, breaking the previous record of 719.3k in May, driven by the launch of the LTC-20 token standard.
- The total number of addresses with a balance also reached a new peak this week, marking a year-to-date increase of over 40%, as per ITB.
- According to Bitinforcharts, the number of transactions hit an all-time high of 1.09 million on November 14th, briefly surpassing Bitcoin’s transaction count, which stood at 523.28k.
- Despite the increase in transaction count, the total number of coins transferred on-chain remained relatively low, indicating that the majority of the traffic was generated by low-value transactions. This was evidenced by the transaction volume, which hovered close to $2.03 billion, down by more than 90% since its peak of $26.18 billion recorded in January this year.
- As the network experienced increased activity, the total amount of fees paid to miners saw a spike.
- Nevertheless, the average fee paid per transaction by a network user decreased. This suggests that despite the substantial growth in transactions, the network did not face congestion.
- Historically, network congestion has led to users bidding up fees to expedite their transactions due to a crowded transaction queue.
- Meanwhile, the number of long-term LTC holders hit 5.26 million this week, demonstrating a “growing confidence” in the asset.
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