Litecoin’s On-Chain Volume Soars: 412 Million LTC Moved in a Week

• Litecoin’s on-chain volume more than doubled, reaching 412 million LTC moved in a week, surpassing $26.5 billion.
• Litecoin achieved 62 million transactions in seven months, on track to exceed last year’s total transaction count.

Jay, the Director of the Litecoin Foundation, has highlighted the rather remarkable increase in on-chain activity of Litecoin. The on-chain volume of Litecoin over the past year has more than doubled, almost tripling.

Litecoin's on-chain activity is incredible! On-chain volume on the network has more than doubled in the last year! Steadily growing from 196million LTC moved on-chain (week of Aug 14 2023) to this last week, with over 412million $LTC being moved! S: @intotheblock pic.twitter.com/rQg2vu9gZh

— Jay (@MillaLiraj) August 20, 2024

Litecoin’s On-Chain Volume Surges to $26.5 Billion in a Week

From 196 million LTC moved on-chain during the week of August 14, 2023, to over 412 million LTC moved in the most recent week, the network’s activity has consistently increased in perspective.

More than five times the asset’s present market capitalization, this expansion results in a staggering $26.5 billion worth of Litecoins being transferred on-chain within only one week.

Litecoin (LTC) was trading at about $63.34 at the time of writing, down 1.47% over the last 24 hours. Its daily trading volume comes in at about $318.21 million.

Following a recent V-shaped recovery, this price movement shows a corrective phase that had suggested a constant wave of interest over the preceding few days before momentum started to weaken.

However, Litecoin has kept showing notable increases on several network criteria. As we previously reported, the asset has witnessed significant rises in transactions, active addresses, and hash rates, therefore confirming its status as one of the most often utilized digital assets for payments on sites like BitPay.

Especially with Litecoin’s modest average transaction fees—just $0.005 in 2024—which make it a more sensible choice for daily use than Bitcoin, whose transaction fees are 200 times higher.

Furthermore, according to CNF, Litecoin has reached a historic level, with 62 million transactions handled in the first seven months of this year alone. This speed highlights Litecoin’s increasing acceptance and use in the digital currency market since it puts it on track to exceed the total transaction count from the whole past year.