Litecoin (LTC), one of the popular altcoins in the cryptocurrency market, conducted over 1 million transactions in just one day on November 14. This number was more than twice the transactions processed by the market leader, Bitcoin, on the same date.
According to BitInfoCharts data, Litecoin executed over 1,015,900 transactions, indicating significant growth in the adoption and usage of Litecoin. Despite the increase in transaction volume, the total transferred volume on the network remained somewhat lower.
Furthermore, the decrease in average fees paid by users suggests that the network can handle the additional load without experiencing congestion or needing to increase fees to expedite transactions. This is a positive indicator of the network’s scalability and efficiency.
Bitcoin has managed to become a leader in daily active addresses
As reported by IntoTheBlock on November 16, Bitcoin demonstrated its dominance in the market with the highest number of daily active addresses among major blockchains, totaling 960,000. This significant metric related to network usage and user activity indicates that Bitcoin has the broadest active user base when compared to other networks such as Ethereum, Cardano, Dogecoin, Avalanche, and others. However, the Litecoin network has come closest to Bitcoin with 797,000 daily active addresses. Following that, Ethereum, the largest altcoin, comes in with 405,000 daily active addresses. The analytical platform emphasized that Ethereum is “consistently one of the networks with the highest number of active users.”
Litecoin’s milestone demonstrates its ability to process high-volume transactions faster and more economically than most networks, strengthening its position as a leading cryptocurrency for payments and a viable alternative to Bitcoin.
Litecoin (LTC) price remains stable
Despite transaction records, the price of Litecoin has remained stable. While the overall cryptocurrency market had a positive month, LTC recorded a 16% increase on its monthly chart, making it one of the least rising altcoins. In addition, open positions in futures trading are following a sideways trend. However, there is an increase in long positions with a positive funding rate.
Although transaction records confirm the technical strength of Litecoin, it has not generated the desired excitement among LTC maximalists. However, experts believe that this turning point will eventually translate into increased adoption and confidence among major investors. Therefore, it can be said that LTC has a high potential to reach new historical highs in terms of price.
For now, Litecoin holders can relax while expecting the continued upward rally of the market leader, Bitcoin, and its pull on most cryptocurrencies. LTC experienced a 4% decrease in the last 24 hours. Although a slight decrease in confidence accompanies the shift to red on the charts, the popular altcoin is trading around $71.03 at the time of writing.
