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.
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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