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

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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. 

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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 Brennan
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.


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