Litecoin reached a yearly milestone in network activity this year processing 46 million transactions, an 18% increase over the previous year so far.
The Litecoin network surpassed the 2022 transactions count of 39 million in the first two quarters of the year, leaving significant runway to potentially widen the gap even further by the year’s end.
As noted by the Litecoin Foundation, the network processed its 175 millionth transaction, outpacing prior records by a wide margin. The increase in network usage is mostly viewed as a testament to the network’s increasing popularity, usage and institutional adoption despite the bear market.
The #Litecoin network just processed its 175 millionth transaction! Last year there were a record total of 39 million in the whole year. So far we’ve seen 46 million transactions in 2023 another new record! pic.twitter.com/U3B7G0v6Wj
— Litecoin Foundation ⚡️ (@LTCFoundation) August 23, 2023
Litecoin’s underlying momentum comes on the heels of a significant event for the network, which was followed by an aggressive downtrend in price, contrary to prevailing market predictions and sentiment.
Regardless, on August 2nd, at block 2,520,000, the Litecoin network underwent a halving event, a well-known occurrence in the cryptocurrency world. This event marked a reduction in mining rewards, where the mining reward was halved from 12.5 LTC to 6.25 LTC.
The event also symbolizes the emergence of the fourth epoch for Litecoin, initiating a new countdown towards the next halving, which is expected to take place in 2027.
Notably, the surge in activity was picked up by on-chain analytics firm IntoTheBlock. Specifically, the company emphasised an uptick in Litecoin’s daily active addresses, highlighting a total of 231,270 daily active addresses.
However, despite the ongoing network boom, which can be tracked back to the coin’s inception, Litecoin’s price movements have not mirrored this underlying strength; a potentially ominous indication of what might be happening behind the scenes. In fact, LTC/USD exchanges hands at $64.50 at the time of writing, on par with where the crypto traded in August 2017.
Litecoin’s price dropped precipitously after reaching highs of $114 on July 3rd, hitting $60 on August 17. Despite considerable developmental clout that is unmatched in its keeping with the decentralisation ethos, Litecoin remains flat on a 6-year time horizon in the month of August.
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