Bitcoin Ordinals Energize Litecoin Network: What’s Up With LTC?

It has become very popular in the last few weeks. Bitcoin OrdinalsThis led to increased activity in one of the rival crypto networks, Litecoin.

According to the data of the blockchain tracking platform Bitinfocharts, on May 10, 2023 LTC 580,000 transactions were made over the network.

When the historical data is examined, it is seen that an average of 100 thousand transfers took place. If we compare with April, the number of transfers metric has reached its historical peak with an increase of approximately 500%. Today, although this figure has decreased to 360 thousand, it is clear that there has been an astronomical rise.

Why Is Network Activity Soaring?

On-chain analysts Litecoin explains the density of its network with Bitcoin Ordinals. Investors who benefit from Ordinals, which enable the generation of NFT on the BTC network, directly use the LTC cryptocurrency. Ordinals was integrated into the Litecoin blockchain last February.

Litecoin Foundation, in the information given to the crypto press, emphasized that more than 2.6 million NFTs have been produced through LTC to date. The developers, who sent an e-mail, made the following statement about the situation:

“The Litecoin network is capable of meeting demand. Despite high demand, transfer fees on our blockchain remain stable.”

LTC price was also positively affected by the interest in Ordinals. Litecoin has gained 9% since the start of the week, according to data from CoinMarketCap.

On the other hand, Litecoin is expected to make a rally that has not yet taken place before the halving event that will take place in August. Especially staying above the psychological resistance of $100 could trigger a rally to $135.