The number of daily transactions for Litecoin continues to increase as the LTC ordinal approaches 4 million.
Over the past week, Litecoin has experienced a steady increase in daily confirmed transactions. Since hitting a record high of 585,415 daily confirmed transactions on May 10, the blockchain has continued to process between 172,000 and 532,000 transactions per day.
Litecoin’s Daily Transactions Rise Continues
Starting May 2, 2023, the Litecoin (LTC) network is witnessing an unprecedented surge in daily transactions. Bitcoin.com News first reported this development 11 days ago, on May 18, and the momentum of LTC trading has shown no signs of slowing down. As a reminder, Litecoin’s previous highest number of confirmed daily transactions was on September 26, 2022, when a total of 211,014 transactions were recorded on that day. The previous record was set on June 24, 2021, with 196,191 transactions.
For most of 2022 and the first months of 2023, Litecoin’s daily trading volume was between 90,000 and 130,000 transactions per day, sometimes reaching peaks of 150,000 and 175,000. However, the recent spike in daily transfers on the LTC network represents a new trend that is different from anything previously observed. Additionally, on May 10th Litecoin reached the milestone of processing 7 transactions per second, and on May 25th it reached 6 transactions per second.
This increase in transaction speed represents a significant departure from the typical average of 1 to 2 transactions per second over the life of the network. Despite higher transfer volumes on the Litecoin network, transaction fees are still low at 0.000079 LTC, or $0.0072 per transaction. Additionally, the network’s hash rate soared, reaching an all-time high of 924.45 terahashes per second (TH/s) at a block height of 2,454,983 on April 11, 2023. Currently, LTC’s hashrate is hovering around 739.03TH/s.
A significant portion of Litecoin (LTC) transactions can be attributed to ordinal inscriptions, with a noticeable spike occurring 11 days ago when 2.58 million inscriptions were issued on the blockchain. As of today, the number of Litecoin-based inscriptions has increased to 3,841,215, approaching 4 million. It is unclear how long this heightened activity level will last on the LTC network, especially since Dogecoin is experiencing a similar increase in transactions. There are currently 10,967,200 LTC blocks left to mine, with approximately 64 days left until the next LTC halving event.
What do you think about Litecoin’s increase in daily transactions? Please share your thoughts and insights in the comments section below.
https://news.bitcoin.com/litecoins-daily-transaction-count-remains-elevated-as-ltc-ordinals-approach-4-million/
