News

Litecoin Transactions Surge Over 450% Thanks To BRC-20’s Attraction

Key Points:

  • Transactions on the Litecoin network have reached all-time highs as a result of the meme coin craze.
  • The consequent high costs on the Bitcoin network sent crypto users seeking for alternatives, contributing to the network’s rise in transactions.
Litecoin (LTC) has lately seen a large increase in whale transactions.
Litecoin Transactions Surge Over 450% Thanks To BRC-20's Attraction 4

With a 450% rise since early May, this surge in big transactions might be related to the forthcoming release of LTC-20, a significant improvement to the Litecoin ecosystem.

Transactions on the Litecoin blockchain have reached all-time highs as the meme coin craze and consequent high fees on the Bitcoin network drive crypto consumers to seek alternatives.

According to BitInfoCharts blockchain statistics, Litecoin conducted more than 576,000 transactions in a single day on May 9, approaching Bitcoin’s 598,000 daily transactions. That is five times the average amount of transactions on the Litecoin blockchain compared to earlier this year, and it is more than twice the previous all-time high around the bull market’s top in January 2018.

Source: BitInfoCharts

The LTC-20 standard, which has a total supply of 84 million, is being created on top of the Litecoin Ordinals Protocols. The BRC-20 token, an experimental fungible token produced using Ordinals and inscriptions and kept on the Bitcoin base chain, is the goal of this new standard. BRC-20 is a token standard that allows users to generate and transfer tokens over the Bitcoin network using the Ordinals Protocol.

The news comes as the Bitcoin network, which is home to Bitcoin (BTC), the biggest cryptocurrency by market value, is facing high congestion as a result of a flurry of new Bitcoin-based BRC-20 tokens.

Litecoin Transactions Surge Over 450% Thanks To BRC-20's Attraction 5

The creation of LTC-20 and the BRC-20 tokens is intended to bring considerable innovation and growth to the Litecoin ecosystem, perhaps increasing interest from both retail and institutional investors.

Because of Bitcoin’s congestion, consumers are looking for cheaper alternatives to transferring value through blockchain, such as stablecoins and the Lightning network.

Litecoin has also seen a surge in activity. According to Glassnode statistics, in addition to a record number of transactions, the number of active wallet addresses reached a new high of 718,000 on Monday. Recently, crypto users produced around 500,000 new addresses in a single day, according to the Litecoin Foundation, citing Glassnode.

The current uptick in Litecoin whale transactions might be attributed to investors awaiting the release of the LTC-20 standard and positioning themselves to profit from any possible price increase after the upgrade. Since the cryptocurrency market often sees price variations as a result of news and events, this spike in whale activity may indicate increased market interest in the imminent LTC-20 release.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

3 hours ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

3 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

3 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

4 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

5 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

6 hours ago

This website uses cookies.