Transactions on the Litecoin blockchain have surged to all-time highs because the meme coin frenzy and subsequently excessive charges on the Bitcoin community ship crypto customers scrambling for options.
On Could 8, Litecoin executed greater than 525,000 transactions in a day, coming near Bitcoin’s 575,000 each day transactions, in response to blockchain data from BitInfoCharts. It’s 5 occasions the typical variety of transactions on the Litecoin blockchain in comparison with earlier this 12 months and greater than double the earlier all-time excessive close to the height of the bull market in January 2018.
The event comes because the Bitcoin blockchain, the house of bitcoin (BTC), the biggest cryptocurrency by market capitalization, is experiencing an excessive stage of congestion as a consequence of a frenzy of recent Bitcoin-based BRC-20 tokens. BRC-20 is a token commonplace that lets customers create and switch tokens on the Ordinals Protocol utilizing the Bitcoin community.
The rising recognition of BRC-20 tokens has pushed Bitcoin transaction charges to the very best stage since Could 2021, after BTC hit a then-record peak of round $64,000. It additionally led Binance, the world’s largest crypto change, to temporarily halt withdrawals through Bitcoin early Monday.
Bitcoin’s congestion has sent users scrambling for cheaper alternatives akin to stablecoins and the Lightning network to switch worth through blockchain.
Litecoin has garnered a contemporary wave of exercise, too. Glassnode data exhibits that on prime of a file quantity of transactions, the variety of energetic pockets addresses rose to a file excessive of 718,000 on Monday. Crypto customers additionally created nearly 500,000 new Litecoin addresses in a day just lately, the Litecoin Basis tweeted citing Glassnode.
The value of LTC, the native token of Litecoin, has jumped about 3.5% prior to now 24 hours, buying and selling at round $80. It has outperformed BTC, which is up roughly 1% on the day.
