Litecoin has seen a surge in usage amid problems with the Bitcoin network and the increased popularity of memecoins and Ordinals. Transactions on the Litecoin network hit an all-time high of 576,000 on 9 May and have soared 470% since the start of May. The rise is partly due to Litecoin’s faster and cheaper transactions compared to Bitcoin. While BTC transactions have risen to over 580,000 per day this week, the cost of Litecoin’s transactions has so far remained low, with a fraction paid comapred to Bitcoin.
The number of active addresses on the Litecoin network rose by 278% since the start of the month, with the Litecoin Foundation claiming that there were more new address creations versus Bitcoin. Litecoin’s price has also benefited from the increased network activity, gaining 3% to top $80. However, it remained 80% down from its May 2021 all-time high of $410. The asset is reportedly showing promise ahead of its August block reward halving.