crypto-news-flash.com
- Litecoin has seen significant growth in its network metrics, including transactions, active addresses, and hash rate, positioning it as the most-used digital asset for payments on platforms like BitPay.
- Litecoin’s low transaction fees, averaging just $0.005 in 2024, make it a more practical choice for everyday transactions compared to Bitcoin, whose fees are over 200 times higher.
Popularly known as the “Silver to Bitcoin’s Gold,” Litecoin’s network metrics show significant growth amid the spotlight on DeFi and meme coins. With its robust and reliable blockchain network, Litecoin has maintained a strong presence in the market.
In its initial days, Litecoin ranked among the top four digital assets by market cap. However, several VC-backed crypto projects gained attention in the aftermath, posing strong competition for Litecoin. Unlike other VC-backed coins, Litecoin has persisted and thrived amid support from the grassroots community without facing any downtime.
In recent years, Litecoin has emerged as the most-used digital asset for payment on platforms like BitPay amid strong endorsements from industry leaders. As reported by Crypto News Flash, LTC emerged as the market leader in crypto transactions while toppling giants like Ether, Tether, and Polygon. Moreover, in the latest development, Litecoin on-chain metrics like transactions, active addresses, and hash rate have all reached fresh all-time highs, thereby demonstrating the network’s continued growth and resilience.
Is Litecoin heating up? 🥵
Let’s dig a bit into this legendary cryptocurrency, commonly referred to as the “silver to Bitcoin’s gold”.
Although DeFi and memes took the spotlight these past few years, in the shadows, Litecoin network metrics have risen exponentially. 📈
1/16 🧵 pic.twitter.com/N3vAFqLVMG
— Al ⚡️ (@lite_hause) August 19, 2024
Litecoins Push in DeFi Space
Litecoin’s commitment to community-driven development has positioned it well among the regulators. The U.S. Commodities and Futures Trading Commission (CFTC) has recently declared Litecoin as a strong candidate for an ETF filing. On the other hand, Litecoin’s privacy upgrade MimbleWimble (MWEB) has enhanced the asset’s appeal as a leading payment crypto with essential privacy features.
So far this year, in 2024, the Litecoin blockchain has already processed 62 million transactions in the first seven months and can soon beat its entire 2023 transaction count of 67 million, per the Crypto News Flash report.
As the Bitcoin transaction fees continue to soar, Litecoin’s low-cost and efficient network could see greater usage, particularly in the upcoming bull market. With rumors of Litecoin entering the DeFi space and integrating Drivechains, the cryptocurrency may be on the verge of a significant resurgence.
One of the major reasons behind Litecoin’s success as a transactional network is the exceptionally low transaction fees. Since the beginning of 2024, the average fee for Litecoin transactions has been just around $0.005. On the other hand, Bitcoin’s average transaction fee during the first four months of the year was around $3 which later surged to $30 in May, however, has now stabilized around $1.11. Even at this lower rate, Bitcoin’s fees are still over 200 times higher than Litecoin’s, making it less practical for everyday transactions.
At the recent Litecoin summit in Nashville, Litecoin founder Charlie Lee announced his plan to expand the use of altcoin into banking services, reported Crypto News Flash.