Litecoin Overtakes Bitcoin in Network Activity: Is A Better Bitcoin Upon Us?
Over the past couple of days, the Litecoin network has been making waves as it surpassed Bitcoin in network activity and growth in several metrics. This is largely due to the latest development of BRC-20 on Bitcoin and the new LTC-20 on Litecoin. These new protocols on top of Bitcoin and Litecoin are similar to the widely successful ERC-20 on Ethereum several years ago. The graph below shows the potential upside if the trend continues.
One of the key indicators of network growth is the number of new addresses. In the past 24 hours, Litecoin had 595,000 new addresses while Bitcoin only had 331,000. This is a significant milestone for Litecoin, which has traditionally been seen as an alternative to Bitcoin.
In addition to new addresses, the number of transactions on the Litecoin network has grown rapidly. Litecoin had 525,000 transactions in the last 24 hours while Bitcoin had 574,000. This is another significant milestone for Litecoin, which has often been seen as a faster and more efficient alternative to Bitcoin.
Active addresses are another important metric to consider when measuring network activity. Litecoin has now surpassed Bitcoin in this area as well, with 719,000 active addresses compared to Bitcoin's 690,000. This is a testament to the growing popularity of Litecoin as digital money and shows how litecoin is being used more and more each year compared to Bitcoin.
Another factor that sets Litecoin apart from Bitcoin is the cost of transactions. The median transactional fee for Bitcoin has spiked recently, reaching as high as $22 dollars per transaction. In contrast, Litecoin's fee has remained near zero with a cost of only $.004 per transaction. This makes Litecoin a more attractive option for people who want to use Litecoin for small transactions without paying high fees.
Another area where Litecoin is catching up to Bitcoin is in the daily USD volume transferred on-chain. While Bitcoin still holds a significant lead with a daily volume of 22 billion USD, Litecoin is making impressive strides, with a total volume of 6.6 billion USD transferred on-chain daily. This is a significant development for Litecoin, which was initially designed to be a faster and more efficient alternative to Bitcoin and has now become a real contender in terms of on-chain transfer volume. The ability to process large volumes of transactions at a low cost is a key selling point for Litecoin, and its recent growth in network activity and daily transfer volume is a clear indication that Litecoin as digital money is delivering on its promises.
Overall, the recent surge in network activity and growth for Litecoin is a positive development. It demonstrates that Litecoin is becoming a more viable alternative to Bitcoin for people who want to use a fast, secure, and low-fee network for everyday transactions. With the development of LTC-20 and other innovations on the horizon, it will be interesting to see how the Litecoin network continues to evolve in the coming months and years.