The number of transactions on the Litecoin (LTC) blockchain has risen to one all time high shot due to the upsurge of hype all around memecoins. As a result, transactions on Bitcoin’s network have become quite expensive in a short period of time, prompting people to look for alternatives. It seems that Litecoin is an alternative that often comes up in that search.
Close to Bitcoin
On May 8, Litecoin even passed the magic mark of 500,000 transactions with 525,000 transactions. With that, Bitcoin’s little brother came quite close to its big brother, which processed a total of 575,000 transactions on that day, so turns out from BitInfoCharts data.
Compared to the beginning of this year, Litecoin is about five times as popular as before with those 525,000 transactions. The peak of the 2017-2018 bull run is also dwarfed by the current popularity of the blockchain.
In January 2018, Litecoin peaked at around 250,000 transactions per day. Thanks to the hype around memecoins, that number has now doubled for Litecoin.
The little brother
Litecoin also overtakes Bitcoin in terms of the number of new addresses. The number of new addresses created on Bitcoin is decreasing, but shot up sharply on the Litecoin network last week.
New addresses being created on #Litecoin are now exceeding new #Bitcoin addresses. $LTC #MondayMotivation #crypto pic.twitter.com/NNJ4RfXeD6
— Litecoin Foundation ⚡️ (@LTCFoundation) May 8, 2023
Litecoin is known within the crypto community as Bitcoin’s little brother. Some see litecoin as the silver of the crypto world and then bitcoin is of course the gold. In recent years, however, the performance of litecoin has been somewhat disappointing compared to that of bitcoin.
In that respect, it remains to be seen whether litecoin has what it takes to really live up to that reputation in the long term. In any case, based on the last few days, you would say that litecoin can indeed play a role within the industry. The exact size of that role remains to be seen in the coming years.