The popularity of BRC-20 tokens, bitcoin caused transaction fees on the blockchain to reach the highest level in the last two years. Many crypto users have turned to cheaper alternatives such as stablecoins and the Lightning network. Alternatives like Litecoin have been able to take advantage of this.
BRC-20 The increase in the popularity of the token also caused the world’s largest crypto exchange Binance to temporarily stop withdrawals via Bitcoin.
As Bitcoin struggles with this congestion on the network, Litecoin experienced an increase in trading activity. More than 525,000 transactions were processed on May 8 alone. This figure is close to the average of daily transactions of the BTC network and represents five times the average number of transactions on the Litecoin blockchain compared to earlier this year.
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The rise in the Litecoin network is likely due to it being a cheaper and faster alternative to Bitcoin, with lower transaction fees and faster transaction times. Also, the recent meme coin craze has increased fees on the BTC network, further encouraging users to look for alternatives like Litecoin.
Litecoin Transaction Volume Jumps
In addition to the record-breaking transaction activity, Glassnode data shows that the number of active wallet addresses in LTC rose to a record high of 718,000 on May 8.
The Foundation also recently reported that around 500,000 new Litecoin addresses were created in a single day. reported. These figures show that the increase in transaction activity is not just a temporary spike, but a sustained increase in user adoption.
New addresses being created on #Litecoin are now exceeding new #Bitcoin addresses. $LTC #ModayMotivation #crypto pic.twitter.com/NNJ4RfXeD6
— Litecoin Foundation ⚡️ (@LTCFoundation) May 8, 2023
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