Litecoin Sets New Records with Skyrocketing Transactions

Because of the meme coin craze and the ensuing excessive charges on the Bitcoin community, the variety of transactions on the Litecoin blockchain has skyrocketed. Blockchain knowledge from BitInfoCharts reveals that on Could 8, Litecoin processed over 525,000 transactions, approaching near Bitcoin’s 575,000 day by day transactions. These present stats are greater than twice the all-time excessive seen in January 2018, which was across the pinnacle of the bull market, and 5 occasions the typical quantity of transactions on the Litecoin blockchain from earlier this yr.

On that day, the variety of LTC lively addresses in addition to the variety of addresses that had simply been generated achieved new report highs. This must be linked to the Litecoin group’s proposal to create the LTC-20 by modeling it after the BRC-20. There are over 840 LRC-20 Tokens in existence, nevertheless, the overwhelming majority of them haven’t been manufactured. 

Bitcoin community dealing with congestion

The surge of latest Bitcoin-based BRC-20 tokens has led to great congestion on the Bitcoin blockchain, the inspiration of Bitcoin (BTC), the most important cryptocurrency by market capitalization. Utilizing the Bitcoin community, tokens constructed utilizing the BRC-20 normal could also be created and transferred between customers on the Ordinals Protocol.

Since Could 2021, when Bitcoin touched its all-time excessive of roughly $64,000, the adoption of BRC-20 tokens has elevated Bitcoin transaction prices to their best stage ever. Even the most important cryptocurrency trade, Binance, needed to briefly block Bitcoin withdrawals on Monday morning as a result of scenario.

Congestion on the Bitcoin community has prompted customers to hunt out cheaper options, reminiscent of stablecoins and the Lightning community for blockchain-based worth transfers.

There was a renewed flurry of curiosity in Litecoin as properly. Along with a report variety of transactions, Glassnode statistics reveal that the variety of lively pockets addresses hit a brand new excessive of 718,000 on Monday. Glassnode was referenced in a tweet from the Litecoin Foundation, which mentioned that round 500,000 new Litecoin addresses have been produced in a single day.