Increase In Litecoin Transactions!! How Is Litecoin Onchain Benefitted?

With the start of 2019, many onchain metrics are providing a potential floor and intrinsic user interest in the network. Moreover, with the beginning of May, this interest has again enhanced, as per the reports from BitInfoCharts.

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This network has increased over a number of key data sets. Mostly, the USD value is sent peaking at over $1.6Bn in a single day on 16th May. From then it has settled around $500m up from ~$170m.  Also, the Average Tx value increased from around $7k to $20k with a peak at $47k.

Such small transactions are used by affluent individuals to avoid traditional monetary transfer fees. Basically, it runs in contrary to the idea that every individual uses these networks for smaller daily payments. Furthermore, Litecoin is also beginning to use Lightning Networks to handle such microtransactions. While Onchain remains macro focused, where it would be unfeasible to route large volumes.

The Active Addresses have also risen and peaked at 80k. This does not indicate more number of network participants, as anyone can issue a large number of addresses. The daily transactions have risen from 20k to 27k.

All of these metrics have jumped because of the recent monster rally up in market price. Although the growth is positive, it is not sustainable and there might be a pullback. At the time of writing, the coin was trading at $113.17 with a market cap value of $7,011,400,383

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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