- Litecoin hit 62 million transactions in the first seven months of this year and is on track to beat its total from the entirety of last year—67 million transactions—by the end of August.
- Analysts say an LTC bull market is long overdue, with Whale addresses increasing their holdings by 33% in the past month as they bought the dip.
Litecoin has awoken. A week ago, we reported that LTC led the major altcoins for active wallets at 8.08 million, beating Dogecoin’s 6.7 million and XRP’s 5.26 million. Now, the Litecoin Foundation has revealed that the crypto is about to set a new record for transactions in a single year.
The Litecoin team took to social media to reveal that in the first seven months of the year, the network has recorded 62 million transactions. For context, in the entire 2023, the network only recorded 67 million transactions. At this year’s rate of 8.8 million monthly transactions, Litecoin looks set to eclipse last year’s figures before the end of August.
The Litecoin Network has processed 62 Million transactions in 2024. In exactly 7 months!
For reference, there were a total of 67 million transactions in all of 2023.Litecoin is accelerating
pic.twitter.com/hD3kBMLapk
— Litecoin (@litecoin) August 1, 2024
Transaction count is one of the fundamental indicators of the health of any blockchain network and is a better way to assess the long-term prospects of any project than its market cap or price. Transactions, especially when combined with active wallets, show just how many people use the network, and this goes beyond simple and short-term price speculation. From Litecoin’s figures, the network is clearly one of the most popular worldwide.
One vital factor behind Litecoin’s success as a transactional network is its low transaction fees. Since the beginning of the year, the network has averaged $0.005 in fees. In comparison, Bitcoin averaged $3 for the first four months before hitting highs of $30 in May. This has since dipped and, at press time, stands around $1.11, which is still over 200 times higher than Litecoin and is unsustainable for day-to-day transactions.
But while its fundamentals have become stronger, Litecoin’s price has failed to catch up. Even a recent commitment by founder Charlie Lee to match user donations to a maximum of $250,000 annually has not done much for LTC’s price.
Litecoin trades at $68.5, dipping nearly 2% in the past day for a $5.12 billion market cap.
Despite the dip, LTC owners have steadfastly believed in an impending bull market. In the past month, data from IntoTheBlock shows that addresses holding between one and ten million LTC coins have surged 33%.
Vincent Maliepaard, who heads marketing at IntoTheBlock, told one outlet: “Litecoin’s transaction volume has steadily risen over the past three months, now averaging 49 million LTC daily. This represents an impressive 66% of its current market cap. (For perspective, this is quite high compared to many other similar-sized coins, such as AVAX at 2.9% and LINK at 0.77%.)”
Analysts also remain convinced that a price rise is overdue. One noted on X that LTC has recorded an inverted head and shoulders pattern, a technical indicator that signals an asset is about to take off.
litecoin looking good $LTC pic.twitter.com/KkauAisw76
— master (@MASTERBTCLTC) August 1, 2024
