Litecoin edged past Bitcoin in transactions this week soaring above a million for the first time in its history.
Litecoin (LTC) has experienced a monthly surge of approximately 20%, briefly surpassing the $74 mark, in tandem with a broader resurgence in the cryptocurrency market. The increased network activity has played a pivotal role in this upward trend.
Data compiled by IntoTheBlock reveals that active addresses on the Litecoin Network have reached a six-month high.
On November 13th, the count of active addresses, indicating those involved in transactions, soared to 979.55k, breaking the previous record of 719.3k in May, driven by the launch of the LTC-20 token standard.
The total number of addresses with a balance also reached a new peak this week, marking a year-to-date increase of over 40%, as per ITB.
According to Bitinforcharts, the number of transactions hit an all-time high of 1.09 million on November 14th, briefly surpassing Bitcoin’s transaction count, which stood at 523.28k.
Despite the increase in transaction count, the total number of coins transferred on-chain remained relatively low, indicating that the majority of the traffic was generated by low-value transactions. This was evidenced by the transaction volume, which hovered close to $2.03 billion, down by more than 90% since its peak of $26.18 billion recorded in January this year.
As the network experienced increased activity, the total amount of fees paid to miners saw a spike.
Nevertheless, the average fee paid per transaction by a network user decreased. This suggests that despite the substantial growth in transactions, the network did not face congestion.
Historically, network congestion has led to users bidding up fees to expedite their transactions due to a crowded transaction queue.
Meanwhile, the number of long-term LTC holders hit 5.26 million this week, demonstrating a “growing confidence” in the asset.