Litecoin [LTC], valued at $114, was placed fifth by market cap on the cryptocurrency ladder. However, in terms of trading volume over the last 24 hours, the silver crypto was ranked fourth on CoinMarketCap.
Several other metrics have also been in favor of the crypto-asset, according to Franklyn Richards, Director of the Litecoin Foundation. In a recent blog post, Richards cited that LTC’s onchain metrics had remained static until May 2019. Significant activities on the network were noted, following several analysts citing increased adoption and the upcoming halving as the reasons behind a series of upswings posted by the digital coin.
Citing Bitinfocharts.com as the source, the Director alluded that the network’s data for USD skyrocketed to $1.6 billion on May 16. The last high of $2.66 billion was recorded on February 17, 2018, after which the coin failed to post impressive figures. Richards also noted that the figures still paled in comparison to the massive $12.5 billion recorded during the 2017 glory days.
Another metric that the Director observed was Average Transaction Volume. On 16th May 2019, the Average Transaction Volume was found to be $47.2k. The last time the network breached the peak was on 13 February 2018, recording figures over $65k. Talking about the increase in transactions from $7k to $20k and the recent peak, Richards asserted,
“Such sizeable transactions indicate the network is still primarily being used by affluent individuals to avoid traditional monetary transfer fees or as a speculative asset in which to invest. Not that this is necessarily bad, however, it runs contrary to the idea of these networks being used by the everyman for smaller daily payments.”
He also stated that users have started leveraging Lightning Network [LN] transactions for micro-transactions,