Litecoin has seen significant growth in network metrics such as transactions, active addresses, and hash rate, establishing itself as the most commonly used digital asset for payments on platforms such as BitPay. Litecoin has low transaction fees, averaging just $0.005 in 2024, making it a more viable option for everyday transactions compared to Bitcoin, where fees are over 200 times higher.
Litecoin network metrics, widely known as “Silver to Bitcoin Gold,” are showing significant growth as DeFi and meme coins gain traction. Litecoin maintains a strong presence in the market due to its robust and reliable blockchain network.
Litecoin initially ranked among the top four digital assets by market capitalization. However, since then, several VC-backed crypto projects have gained attention, creating stiff competition for Litecoin. Unlike other VC-backed coins, Litecoin has survived and thrived on support from the grassroots community without facing any downtime.
In recent years, with strong support from industry leaders, Litecoin has emerged as the most used digital asset for payments on platforms such as BitPay. As reported by Crypto News Flash, LTC has emerged as the market leader in crypto trading, defeating giants such as Ether, Tether, and Polygon. Additionally, the latest development sees Litecoin’s on-chain metrics such as transactions, active addresses, and hashrate all reach new highs, demonstrating the network’s continued growth and resilience.
Is Litecoin heating up? 🥵
Let’s dig a little deeper into this legendary cryptocurrency, commonly referred to as “Bitcoin’s silver to gold.”
While DeFi and memes have been in the spotlight for the past few years, Litecoin’s network metrics have skyrocketed. 📈
1/16🧵 pic.twitter.com/N3vAFqLVMG
— Al⚡️ (@lite_hause) August 19, 2024
Litecoin boosts DeFi space
Litecoin is committed to community-driven development and has a good standing among regulators. The U.S. Commodity Futures Trading Commission (CFTC) recently declared Litecoin a strong candidate for ETF application. Meanwhile, Mimblewimble (MWEB), a privacy upgrade to Litecoin, increases the asset’s appeal as a leading payments crypto with significant privacy features.
According to a Crypto News Flash report, so far this year 2024, the Litecoin blockchain has already processed 62 million transactions in the first 7 months, and will soon reach 67 million total transactions in 2023. There is a possibility that it will exceed.
As Bitcoin transaction fees continue to rise, Litecoin’s low-cost and efficient network could see increased usage, especially in the upcoming bull market. With rumors of Litecoin entering the DeFi space and integrating Drivechain, the cryptocurrency could be on the verge of a major comeback.
One of the main reasons for Litecoin’s success as a trading network is that its transaction fees are extremely low. Since the beginning of 2024, the average fee for a Litecoin transaction is only about $0.005. Meanwhile, Bitcoin’s average transaction fee was around $3 in the first four months of this year, then soared to $30 in May, but has now stabilized at around $1.11. Even at this low rate, Bitcoin’s fees are still more than 200 times higher than Litecoin, making it less practical for everyday transactions.
At the recent Litecoin Summit in Nashville, Litecoin founder Charlie Lee announced plans to expand the use of altcoins into banking services, CryptoNewsflash reported.
