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- Litecoin network recently recorded a sudden and significant spike in daily transaction volume, almost outpacing that of Bitcoin.
- The top 100 richest Litecoin addresses have also added their stash in the recent past but have not approached April’s ATH.
The Litecoin (LTC) ecosystem has gathered significant momentum since hitting ATH in December 2017. The third largest proof-of-work (PoW) consensus blockchain – after Bitcoin and Dogecoin – undertook the second halving back in 2019, but the price never surpassed the prior ATH during the subsequent crypto bull market.
However, the Litecoin Foundation – a community of non-profit organizations focused on the development of the Litecoin network – has remained committed to the adoption of LTC. As a result, the possibilities of Litecoin revisiting ATH and entering the price discovery mode have significantly increased LTC FOMO.
According to a report by on-chain analytics platform Santiment, the number of Litecoin’s smallest addresses has recently spiked to an ATH.
The Litecoin network recently recorded a sudden significant spike in daily transaction volume, almost outpacing that of Bitcoin. Additionally, Litecoin miners have significantly added their capacity with the total hash rate rebounding towards ATH. Currently, the average hashrate (hash/S) on the Litecoin network stands around 684.879 Thash/s.
Worth noting, the number of unique addresses per day in the Litecoin network has also recorded a sharp upsurge to a new ATH. In this regard, Litecoin users have not experienced an upsurge in transaction fees as recorded in Bitcoin and Ethereum during network congestion. Instead, the Litecoin network has seen its average transaction fee drop to a new yearly low.
Notably, the top 100 richest Litecoin addresses have also added their stash in the recent past but have not approached April’s ATH.
Litecoin and the Market Outlook
Despite the pressure from international regulators for blockchains to change from PoW to PoS or any other less electricity-consuming consensus, the Litecoin ecosystem has not yet given in like Ethereum did through the Merge event. Nevertheless, the Litecoin ecosystem is not widely adopted like Ethererum, whereby LTC holders are about 8,965,130 according to on-chain data.
The amount of Litecoin coins in circulation stands at around 72,924,658, out of the maximum supply of 84 million. With the halving in 79 days, which happens after every 840,000 blocks are mined, the Litecoin miners are expected to get about 6.25 coins per every successfully mined block after the August 03 event. Currently, Litecoin miners are rewarded about 12.5 coins per every successfully mined block.
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Price Action
The Litecoin (LTC) price is forecasted to increase in volatility, and mostly in the uptrend. Notably, LTC digital assets exchanged around $88.09 on Monday, up approximately 7.8 percent in the past 24 hours. Meanwhile, Litecoin’s market cap increased by about 7 percent to stand around $6,413,659,363 while its 24-hour trading volume spiked by more than 130 percent to around $749,945,710.
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