Litecoin transactions jump amid Bitcoin blockchain congestion, higher fees

Please fol­low and like us:
Pin Share

Dai­ly trans­ac­tions on the Lite­coin blockchain reached all-time highs over the past two days amid the Bit­coin network’s con­ges­tion and high­er trans­ac­tion fees, accord­ing to data from Glassnode.

See relat­ed arti­cle: Bit­coin trans­ac­tion fees surge, El Sal­vador users suf­fer consequences

Fast facts

  • Lite­coin saw 576,708 trans­ac­tions on Tues­day, the largest dai­ly vol­ume the blockchain has processed, com­pared to 100,684 trans­ac­tions on May 1, the Glassnode data showed. That came close to Bitcoin’s 598,105 dai­ly trans­ac­tions on Tuesday.
  • The dai­ly num­ber of new address­es cre­at­ed on Lite­coin reached 677,769 on Tues­day, or more than Bitcoin’s 350,100, the data showed. Lite­coin has out­paced Bit­coin in cre­ation of dai­ly new address­es since Friday.
  • The surge in Lite­coin adop­tion comes as the Bit­coin blockchain has been clogged by a burst of activ­i­ty in BRC-20 tokens, includ­ing those used for the pop­u­lar Ordi­nals pro­to­col, which has led to high­er Bit­coin trans­ac­tion fees.
  • That caused Binance, the world’s largest cryp­tocur­ren­cy exchange by trad­ing vol­ume, to tem­porar­i­ly halt Bit­coin with­drawals on Monday.
  • The Bit­coin block­age and jump in trans­ac­tion fees appear to have prompt­ed users to con­sid­er alter­na­tives, includ­ing the Light­ning Net­work, a lay­er 2 solu­tion designed to enable faster transactions.

See relat­ed arti­cle: Binance resumes Bit­coin with­drawals after halt­ing trans­ac­tions twice in 12 hours



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *