2023-05-10 14:14:15
In the shadow of the Bitcoin and Ethereum networks, but by no means an inferior competitor, the Litecoin network is also showing greater development. Especially these days. Due to the incredibly high transaction fees on the Bitcoin network and the frenzy surrounding memecoins, many crypto users are looking for alternatives. And Litecoin is a particularly good alternative.
Litecoin’s network is at an all-time high in terms of transactions
On May 8, the Litecoin network registered more than 525,000 transactions in a single day. With this, he approached Bitcoin’s daily transaction number of 575,000. To give you an idea of how big a word this is, let’s mention that this Litecoin transaction number is five times the average daily transaction number measured at the beginning of the year. And it is more than double the all-time high seen in January 2018. The trend is understandable, as fees on the Bitcoin blockchain have jumped incredibly due to BRC-20 tokens. Those looking for an alternative focus on the networks behind Bitcoin in terms of market capitalization, which is how Litecoin comes into the picture.
In addition, Glassnode’s data shows that not only a record number of transactions were registered on the network, but also that the number of active wallet addresses reached 718,000 at the beginning of the week. This is also good for the price of the litecoin token. It was able to rise almost 4% in a single day and is now trading around $80. Meanwhile, the price of bitcoin is being dragged down by increasing fees and many transactions, as the largest cryptocurrency is already trading around the $27,500 range.
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