The Litecoin (LTC) network has been experiencing an extraordinary surge in daily transactions since May 2, 2023. This surge shows no signs of slowing down, as the momentum behind LTC transactions continues to build.

To put this surge into perspective, the previous record for the highest number of confirmed daily transactions on the Litecoin network was set on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was achieved on June 24, 2021, with 196,191 transactions.

Throughout most of 2022 and the initial months of 2023, Litecoin’s daily transaction volume typically ranged between 90,000 and 130,000 transactions per day, occasionally peaking at 150,000 to 175,000. However, the recent surge in daily transfers on the LTC network represents a new trend, unlike anything observed before. This surge is not only characterized by an increase in transaction volume but also by a substantial improvement in transaction speed.

On May 10, Litecoin achieved a significant milestone by processing 7 transactions per second, followed by 6 transactions per second on May 25. This uptick in transaction speed is a notable departure from the network’s historical average of 1 to 2 transactions per second. Despite the higher volume of transfers on the Litecoin network, transaction fees have remained surprisingly low, standing at 0.000079 LTC or $0.0072 per transaction.

Litecoin transaction count chart | Source: Blockchair

The surge in transactions is accompanied by an impressive surge in the network’s hashrate, which refers to the computational power dedicated to mining and securing the Litecoin blockchain. The hashrate reached an all-time peak of 924.45 terahash per second (TH/s) on April 11, 2023, at block height 2,454,983. As of the present moment, LTC’s hashrate is hovering at 739.03 TH/s, demonstrating the robustness and resilience of the Litecoin network.

LTC Hashrate | Source: CoinWarz

A significant portion of the surge in Litecoin transactions can be attributed to Ordinal inscriptions, a unique feature of the Litecoin blockchain. Eleven days ago, a notable surge occurred when 2.58 million inscriptions were minted on the blockchain. Since then, the number of Litecoin-based inscriptions has continued to climb, currently standing at 3,841,215, inching closer to the 4 million mark. It remains uncertain how long this heightened level of activity will persist on the LTC network, especially as Dogecoin, a popular cryptocurrency similar to Litecoin, is also experiencing a rise in transactions.

Looking ahead, there are currently 10,967,200 LTC blocks remaining to be mined, with approximately 64 days left until the next LTC halving event. Halving events in cryptocurrencies like Litecoin reduce the block reward for miners, which can impact the network’s dynamics and potentially influence transaction volume and fees.

The surge in daily transactions and the accompanying increase in transaction speed and network activity reflect the growing interest and utility of Litecoin. As one of the oldest and most established cryptocurrencies, Litecoin continues to prove its worth as a reliable and efficient means of transferring value. It will be fascinating to see how the LTC network adapts and evolves in the face of this unprecedented surge and the ongoing developments in the broader cryptocurrency landscape.