Would Litecoin (LTC) come back to the fore thanks to the Ordinals protocol? Blockchain is enjoying a surge of interest since being used with the protocol that is currently all the rage on Bitcoin (BTC). Could this be sustainable?
The Ordinals protocol has landed on Litecoin (LTC)
Long occupying the top 10 of the most capitalized cryptocurrencies, the Litecoin (LTC) network has not been particularly successful in maintaining the attention of the general crypto public in recent years. But it would seem that the arrival of the Ordinals protocol has revived some interest in blockchain.
The number of daily transactions on Litecoin has indeed skyrocketed, after years of dead calm. Until then, there were between 90 and 100,000 transactions per day. But on May 10, this number has climbed to nearly 590,000 :
The number of transactions on the Litecoin network has exploded
On May 10, the blockchain processed up to 7 transactions per second. This is a clear progression: the network historically processed rather 1 to 2 transactions per second. This evolution is also logically visible on the average hashrate. The latter indeed reached an absolute record on April 11, at 924 TH per second. The network is therefore in turmoil.
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A renewed interest in Litecoin?
Litecoin was talked about last year when it integrated the anonymity solution Mimblewimble. But since then, few major changes had arrived on the network. The ability to create listings with Ordinals is therefore a small revolution.
However, this renewed interest has so far only been partially reflected in the price of LTC. The breakthrough in Ordinals listings mid-month took it to $95, but was followed by a substantial drop to $82. Since then, the price of LTC has risen again, but it has historically been volatile since the beginning of the year :
Litecoin price shaken by Ordinals protocol craze
It is therefore too early to know if this is a real fundamental interest, or a passing craze for what constitutes one of the greatest revolutions on Bitcoin (BTC).
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Source: Blockchair, TradingView LTC/USDT
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