Saturday, May 21, 2022
Home Crypto News Market Litecoin Maintains High Transaction Volume for Longest Period in Network’s History

Litecoin Maintains High Transaction Volume for Longest Period in Network’s History

- Advertisement -
Follow-Us-On-Google-News

Litecoin, the 22nd largest cryptocurrency, has maintained a high transaction volume since December 2021, the most prolonged period in the network’s history.

Data from crypto analytics platform Santiment indicates that the network has maintained a pretty impressive transaction volume over these five months. The network’s minimum transaction has remained above $20 million, the highest level held for a long time.

litecoin santiment data
image source: Santiment

Litecoin was designed to be a payment option for Bitcoin because of Bitcoin’s slow transactions and high cost. Litecoin processes transactions in just a quarter of the 10 minutes. Bitcoin takes to settle transactions, making it a desirable network for payments.

Transaction volume may indicate rising interest in Litecoin

The crypto market has been down, and altcoins, including Litecoin, are not left out. The asset is down about 40% over the last year. This is the trend with other altcoins such as XEM, IOTA, and EOS, some lower than others.

However, the data showing high transaction volume maintained over five months may indicate that crypto users are developing more interest in using the asset for payments. In addition, Litecoin is currently accepted anywhere Visa cards are accepted, giving it a broader user base despite the low interest around the asset before now.

Why Litecoin may soon explode

A significant predictor of potential price increase is a high transaction volume which indicates utility. As more people use a digital asset, the price is expected to increase, which may be the case with Litecoin. 

Though it is not sure when the price may appreciate, this data suggests that the network has a rising number of users which may eventually translate into the price, especially as the crypto market is still down. A consolidation phase is in play ahead of the following upward movement, which hasn’t happened. 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Can Pac-Man Frog (PAC) Outperform ApeCoin (APE) And Theta Network (THETA)?

Cryptocurrencies are all anyone has been able to talk about for the past couple of years. They are an innovative way of thinking about...

Secure DeFi Protocols: Calyx Token (CLX), Chainlink (LINK), and Aave (AAVE)

An ongoing prevalence of hacks, attacks, and exploits within the cryptocurrency space highlights the importance of verifying the security and integrity of a protocol...

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0. ...

CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

  Binance CEO: Terra Had The Chance To Save Luna And UST When The De-peg Was At 5% But They Failed To Act.

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors.  window.coinzilla_display...

Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

  Crypto Market Is Not Ending Because Of Terra. window.coinzilla_display = window.coinzilla_display || ; var...

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Gemini follows Coinbase to halt UST trading. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.