Over the past week, Litecoin has experienced a sustained increase in daily confirmed transactions. Following a record-breaking peak of 585,415 daily confirmed transactions on May 10, the blockchain has consistently handled a range of 172,000 to 532,000 transactions per day.
Litecoin’s Daily Transaction Rise Continues
Since May 2, 2023, the Litecoin (LTC) network has been witnessing an unprecedented surge in daily transactions. Bitcoin.com News first reported this development 11 days ago on May 18, and the momentum of LTC transactions has shown no signs of slowing down. To put it in perspective, the previous highest number of confirmed daily transactions for Litecoin was on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was set on June 24, 2021, reaching 196,191 transactions.
Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transactions per day, occasionally reaching peaks of 150,000 to 175,000. However, the recent surge in daily transfers on the LTC network marks a new trend, unlike anything observed before. Moreover, on May 10, Litecoin achieved a milestone of processing 7 transactions per second, followed by 6 transactions per second on May 25.
This uptick in transaction speed represents a substantial departure from the network’s typical average of 1 to 2 transactions per second throughout its existence. Despite the higher volume of transfers on the Litecoin network, transaction fees remain low, standing at 0.000079 LTC or $0.0072 per transaction. Additionally, the network’s hashrate has been soaring, reaching an all-time peak of 924.45 terahash per second (TH/s) on April 11, 2023, at block height 2,454,983. As of the present moment, LTC’s hashrate is hovering at 739.03 TH/s.
A significant portion of Litecoin (LTC) transactions can be attributed to Ordinal inscriptions, with a notable surge occurring 11 days ago when 2.58 million inscriptions were minted on the blockchain. As of today, the number of Litecoin-based inscriptions has climbed to 3,841,215, inching closer to the 4 million mark. It remains uncertain how long this heightened level of activity will persist on the LTC network, especially as Dogecoin experiences a similar rise in transactions. Currently, there are 10,967,200 LTC blocks remaining to be mined, with approximately 64 days left until the next LTC halving event.