On-chain data shows the Litecoin network has been highly active recently as the daily number of transactions has set a new all-time high (ATH).
Litecoin Transactions Set New High After Beating Bitcoin 2:1
In a new post on X, the market intelligence platform IntoTheBlock has talked about the trend in the total number of daily transactions that the Litecoin network has been seeing recently.
The below chart shows how this indicator’s value has changed over the past year:
The value of the metric seems to have registered a very sharp spike recently | Source: IntoTheBlock on X
As is visible in the graph, Litecoin has observed an extraordinary surge in its daily number of transactions recently. On the 14th of this month, the metric hit a value of about 1.02 million, which is the highest level that the blockchain has ever witnessed.
This is such a large number of transfers that it’s almost double what the Bitcoin network saw on the same day. This is obviously a very remarkable feat, as BTC is the much bigger coin, with a market cap that’s over 136 times that of LTC.
In another post, IntoTheBlock has also discussed the Litecoin active addresses metric and how it compares against that of the other popular coins in the sector.
The “active addresses” indicator keeps track of the daily total number of unique addresses on any given network that is taking part in some kind of transaction activity. The metric naturally includes both senders and receivers in its data.
While the number of transactions can provide insight into the activity that the blockchain in question is observing right now, the active addresses can add more context to the data as they reflect the actual amount of traffic that the network is hosting.
Looks like the indicator's value for LTC has gone through some sharp growth in the past few days | Source: IntoTheBlock on X
From the chart, it’s visible that the Litecoin active addresses metric has observed a large spike recently, which makes sense considering that the transactions have also shot up.
However, while the growth in the LTC indicator has been sharp and its value has now overtaken that of Ethereum, the metric has still failed to touch the same levels as Bitcoin.
The fact that the number of transactions has been so much higher, but the number of active users hasn’t been so, implies the users that are present on the blockchain are making a significantly higher number of transfers on average.
This may be a result of the fact that Litecoin offers much cheaper transfers than the other cryptocurrencies, so holders who want to do the kind of activity that requires a large number of transactions would naturally gravitate towards the network.
In terms of fundamentals like investor adoption and usage, Litecoin is always at or near the top of the sector, but as usual, this hasn’t been reflected in the coin’s value, as it has continued to struggle recently.
LTC has registered some downtrend in the last few days | Source: LTCUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, IntoTheBlock.com