The recent days in the cryptocurrency market have brought surprising changes – Litecoin (LTC), often considered the “younger brother” of Bitcoin, has reached a record number of transactions, beating its big brother in this respect. On November 14th, the number of Litecoin transactions exceeded one million for the first time, thus surpassing Bitcoin in terms of daily transaction volume. This unexpected market shift surprised many investors and market observers.
In the world of cryptocurrencies, where Bitcoin (BTC) has long reigned as the undisputed leader, a new player has emerged that is gaining popularity. Litecoin (LTC), known for its speed and efficiency, has set a new record in the number of daily transactions, breaking the magical barrier of a million transactions in a single day.
On November 14th, Litecoin conducted over 1.01 million transactions, the largest number since the network’s inception in 2011. This achievement is particularly impressive when compared to Bitcoin’s transaction count, which on the same day was almost half as much.
Interestingly, the number of unique addresses involved in LTC transactions also rose, reaching 1.16 million, which represents a 46% increase compared to the previous day. This sudden increase in activity may be related to the growing demand for so-called “Litecoin Ordinals,” indicating a rising interest in this market segment.
However, despite these impressive achievements, the price of the LTC cryptocurrency did not see a significant increase. At the moment, the price of LTC is about 69.80 USD, which represents a 5% decline over the past week. This price has been in a narrow range since the beginning of November, which may be a result of increased investor activity in profit realization.
While the value of LTC rose by double digits during the general market recovery last month, currently many traders are opting to sell their assets. Transaction profitability analysis shows that for every transaction that incurs a loss, there are 1.16 transactions that end in profit.
Despite active trading in the market, indicators such as Litecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) indicate a declining momentum in buying, as well as increasing selling pressure. The On-Balance Volume (OBV) of LTC transactions has also fallen by 7% over the past week, suggesting a weakening push for purchases.
Although Litecoin has gained popularity in terms of the number of transactions, its market price does not reflect this dynamic. The question remains whether and when the increase in popularity will translate into an increase in value.
