Litecoin, the silver to Bitcoin’s gold, has achieved a remarkable feat of surpassing Bitcoin in the number of daily transactions. According to data from IntoTheBlock, Litecoin processed over 1.3 million transactions on Nov. 14, 2023, while Bitcoin only handled about 430,000 transactions on the same day.
This means that Litecoin had nearly three times more transactions than Bitcoin, despite having a much smaller market capitalization and network size.
The surge in Litecoin’s transaction count coincided with a spike in its price, which reached a new all-time high of $1,200 on Nov. 15, 2023. Litecoin also saw a significant increase in its daily active addresses, which reached 797,000 on Nov. 14, 2023, according to data from IntoTheBlock.
Litecoin just reached a massive milestone, hitting more than 1 million transactions in one day on the 14th of November.
— IntoTheBlock (@intotheblock) November 16, 2023
This indicates a high level of network utilization and user activity, which could suggest a large and loyal user base for Litecoin.
Litecoin Surges to New Heights
Litecoin’s impressive performance could be attributed to several factors, such as its faster and cheaper transactions, its compatibility with Bitcoin’s codebase and network, its adoption by major platforms such as Bakkt and PayPal, and its innovation in areas such as privacy and scalability.
Litecoin is also one of the oldest and most established cryptocurrencies, having been launched in 2011 as a fork of Bitcoin.
Litecoin’s founder, Charlie Lee, expressed his excitement and gratitude for the milestone on Twitter, saying that he was “blown away” by the support and enthusiasm of the Litecoin community. He also hinted at some upcoming developments for Litecoin, such as the MimbleWimble extension blocks, which will enhance the privacy and fungibility of Litecoin transactions.
Litecoin’s achievement of surpassing Bitcoin in transaction count is a testament to its resilience and relevance in the ever-changing and competitive cryptocurrency space.
Litecoin has proven itself to be a reliable and useful alternative to Bitcoin, offering faster and cheaper transactions, while maintaining a high degree of security and decentralization. Litecoin may not be as popular or valuable as Bitcoin, but it is certainly not to be underestimated.