Litecoin Overtakes Bitcoin Briefly in Transaction Count Amid Network Boom: Data

Litecoin (LTC) has skilled a month-to-month surge of roughly 20%, briefly surpassing the $74 mark, in tandem with a broader resurgence within the cryptocurrency market. The elevated community exercise has performed a pivotal position on this upward development.

Knowledge compiled by IntoTheBlock reveals that lively addresses on the Litecoin Community have reached a six-month excessive.

• On November thirteenth, the depend of lively addresses, indicating these concerned in transactions, soared to 979.55k, breaking the earlier file of 719.3k in Could, pushed by the launch of the LTC-20 token normal.
• The whole variety of addresses with a stability additionally reached a brand new peak this week, marking a year-to-date enhance of over 40%, as per ITB.
• In line with Bitinforcharts, the variety of transactions hit an all-time excessive of 1.09 million on November 14th, briefly surpassing Bitcoin’s transaction depend, which stood at 523.28k.
• Regardless of the rise in transaction depend, the whole variety of cash transferred on-chain remained comparatively low, indicating that almost all of the site visitors was generated by low-value transactions. This was evidenced by the transaction quantity, which hovered near $2.03 billion, down by greater than 90% since its peak of $26.18 billion recorded in January this 12 months.
• Because the community skilled elevated exercise, the whole quantity of charges paid to miners noticed a spike.
• However, the common price paid per transaction by a community person decreased. This implies that regardless of the substantial progress in transactions, the community didn’t face congestion.
• Traditionally, community congestion has led to customers bidding up charges to expedite their transactions as a consequence of a crowded transaction queue.
• In the meantime, the variety of long-term LTC holders hit 5.26 million this week, demonstrating a “rising confidence” within the asset.