Litecoin Processes $2.85B in Daily Large Transactions

Decentralized peer-to-peer cryptocurrency Litecoin has achieved a remarkable milestone by processing over $2 billion in daily large transactions surpassing most layer 1 blockchains.

Litecoin processes $2.85 billion in transactions over $100k daily (avg), over 50% of its market cap.

📊 This is more than most Layer 1s. For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x Litecoin’s market cap.

🐋 This suggests significant… pic.twitter.com/YpPKIsEMuO

— IntoTheBlock (@intotheblock) July 12, 2024

Litecoin Leads in Daily Large Transactions

Founded in 2011 by Charlie Lee, Litecoin is one of the oldest and most widely accepted cryptocurrencies. Although it shares some similarities with the Bitcoin blockchain, it uses a different mining algorithm known as Scrypt. This enables the network to process transactions considerably faster and cheaper than the Bitcoin blockchain.

According to an on-chain data from the blockchain analytics platform IntoTheBlock, Litecoin processes $2.85 billion in transactions over $100,000 daily which is more than 50% of its market cap.

With this milestone, Litecoin’s daily large transactions have surpassed most layer 1 blockchains. For instance, Dogecoin, which has three times Litecoin’s market capitalization, processes only 590 million large value transactions daily.

The latest achievement indicates higher traffic in large-value transactions for Litecoin, which points towards the activity of major investors. Data from May showed that the cryptocurrency caught the attention of whales which led to the accumulation of over 2.7 million LTC in a month.

Additionally, CoinTab reported earlier this year that more than 20% of LTC holders have not sold their holdings over the past five years. This demonstrates the platform’s large position within the digital currency market due to the immense influence of whales.

Furthermore, the blockchain’s impressive performance demonstrates its relevance in the world of digital assets, despite the fact that it is not widely known in the crypto community. It even has a market cap of $5.13 billion which is lower than some other cryptocurrencies. However, its capacity to process significant volumes of daily transactions demonstrates its stability and effectiveness.

Litecoin’s Price Performance

Following the impressive performance, data from price tracking platform Coinstat shows that LTC price registered a notable 15.47% surge in the past week. At press time, it trades at $68.82, representing a minimal 0.52% increase in the last 24 hours.

Overall, the high level of activity on the Litecoin network can have an impact on the market and may promote future growth. With massive investor interest, Litecoin may become an even more significant part of the overall cryptocurrency community, attracting more investors.