According to data from IntoTheBlock, Litecoin (LTC) has recently achieved a new all-time high (ATH) in terms of daily transactions, with more than 579,000 transactions taking place yesterday. This achievement is especially noteworthy given that the daily transaction volume of Litecoin is currently approaching that of Bitcoin, which had 598,000 transactions on the same day. A new ATH for fresh and active Litecoin addresses has also been introduced along with the increase in transactions.
The euphoria surrounding the influx of BRC-20 tokens into Litecoin’s LTC-20 may be responsible for this perplexing trend in the Litecoin ecosystem. Over 840 LTC-20 coins have been produced thus far. The rise in daily transactions and active addresses may be the consequence of increasing interest and activity on the Litecoin network, which may be the cause of this boost in token production.
Despite reaching these noteworthy milestones, Litecoin’s price performance has not kept pace with the rise in network activity. The price of Litecoin has decreased by almost 22% since mid-April. The cryptocurrency has continued to meander sideways, meanwhile, with no discernible signs of a big decline. Longer term trends suggest that Litecoin will rise in value.
While the recent increase in Litecoin transactions and active addresses is notable, its root reason is yet unknown. Though the exact connection between the increased activity and the token production is unclear, the flood of LTC-20 tokens may be a significant factor. Market players and experts will be closely monitoring this development to learn more about what it means for the future of Litecoin.
The recent achievements made by Litecoin are proof of the burgeoning interest in cryptocurrencies and the quick changes happening in the market. It remains to be seen if this increase in transactions and active addresses will result in a longer-term increase in the value of Litecoin.
