Litecoin briefly beat Bitcoin in the number of transactions between the network boom: data

Litecoin (LTC) experienced a monthly increase of approximately 20%, briefly surpassing the $74 mark, with a broader revival in the cryptocurrency market. Increased network activity has played a key role in this upward trend.

Data compiled by IntoTheBlock shows that active addresses on the Litecoin network have reached a six-month high.

On November 13, the count of active addresses, indicating those involved in transactions, rose to 979.55k, breaking the previous record of 719.3k in May, due to the launch of the LTC-20 token standard. The total number of addresses balance hit a new high this week, up more than 40% year-over-year, according to ITB. According to Bitinforcharts, the number of transactions peaked at 1.09 million on November 14, briefly surpassing Bitcoin's transaction count, which stood at 523.28k. Despite the increase in transaction count, the total number of coins transferred on-chain remained relatively low, indicating that the majority of traffic was generated by low-value transactions. This is evidenced by a more than 90 percent decline in trading volume to nearly $2.03 billion from the peak of $26.18 billion recorded in January. As the network experiences increased activity, the total payout to miners has increased. However, the average payment per transaction per network user has decreased. This shows that despite the huge growth in transactions, the network has not experienced congestion. Historically, network congestion has caused users to pay to speed up their transactions due to congested transaction queues. Meanwhile, the number of long-term LTC holders reached 5.26 million this week, reflecting “growing confidence” in the asset.