Home Cryptocurrency Litecoin Network Transacts More Than $100Bn In The Year 2019

Litecoin Network Transacts More Than $100Bn In The Year 2019

Litecoin Network Transacts More Than $100Bn In The Year 2019

  • Litecoin network witnessed a heartened usage in the year 2019 in spite of the broader collapse in the majority of the cryptocurrency markets.
  • The result of this is that the average transaction value has gained comfortable support at approximately $5k/transaction.
  • This comparison made between the two is entirely faulty, as Litecoin is a cryptocurrency, and Visa is a service for fiat currencies.

Litecoin network witnessed a heartened usage in the year 2019 in spite of the broader collapse in the majority of the cryptocurrency markets. As per the data provided by Bitinfo charts, more than $100bn has transacted over the network in the 2019 period.

As compared to the year 2018, there was a decrease, primarily because of the bull market peak in January, where $5bn transacted in a day. If you delete this activity in the first half of the year, one realizes that the year 2019 witnessed modest growth in the average value transferred every day from $200m to $300m.

2019 was also the year when Litecoin’s 2nd halving took place. This resulted in increased speculative activity on the network. However, this data can be omitted since it deviates from the mean market conditions and would also see a roughly equivalent value transfer between the years 2018 and 2019.

This converses with a more broad base level interest from the non-speculative network participants. The base had strongly formed at around $100m/day. Further, a steady amount of almost 21,000 transactions also seen.

The result of this is that the average transaction value has gained comfortable support at approximately $5k/transaction. If you have a look at the median transaction values, you will realize that this is being driven up by a handful of large value transactions as the median.

Additionally, it is also much closer to $50/transaction. By looking at the data, it seems tenable to hypothecate that the majority of value is from a minute number of high net worth individuals or services.

$100bn is a tremendously large number in comparison. However, it dwarfed by traditional payment networks like Visa, which has reported a total transaction volume of $11Tn for the year 2018 period. Visa has also left Bitcoin behind, which had transacted ~2.5Tn in 2019.

This comparison made between the two is entirely faulty, as Litecoin is a cryptocurrency, and Visa is a service for fiat currencies. It extirpates the total value sent in USD and only provided insights into one area of the broader market.

However, this does indicate that there is a long journey to accomplish, and there is a big room for the crypto markets to grow if they aim to achieve the goal of supplanting the old guard.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

Utilizing blockchain to screen the COVID-19 vaccine supply chain

Blockchain offers a changeless, decentralized information base that can enable all gatherings to ensure that antibody supplies are being put away and...

Leaked Citibank details Reveals Bitcoin Could Rocket To $300,000 Price By End Of 2021

Bitcoin has detonated in the most recent couple of weeks, adding to increases through 2020 that is seen more than twofold in...

Airbnb plays blockchain popular expression bingo in $ 1B IPO documenting with SEC

Crypto firms are genuinely attempting to restore the gravely hit travel area utilizing conveyed record innovation. The record rolls out an elite of...

The Cryptocurrency Mining Equipment market is skyrocketing

Stratagem Market Insights added an overview of the Cryptocurrency Mining Equipment MarketThe insider report covers various aspectsDifferent methodology to study the competitive...

Bitcoin Cash Under Pressure Slips -0.95% After Split Into Two Blockchains While BCHA Emerges as Positive Performer

Bitcoin Cash builds the Symmetrical triangle pattern, on daily chart faced rejection from the resistance and bounces from the support line  The pair...

What is the Next Move of Ethereum Retracing From Resistance of $495.00?

Ethereum consolidating between the range of $445 to $490 after making a new 52-week high of $492 trading at the mark of...

Related News

Digital change is essential however we don’t uphold private cryptocurrencies- German Finance Minister

Germany's Finance Minister Olaf Scholz has referenced secretly given cryptocurrencies resources.The European Union (EU), including Germany, is quickening innovative work on the...

Airbnb plays blockchain popular expression bingo in $ 1B IPO documenting with SEC

Crypto firms are genuinely attempting to restore the gravely hit travel area utilizing conveyed record innovation. The record rolls out an elite of...

The Cryptocurrency Mining Equipment market is skyrocketing

Stratagem Market Insights added an overview of the Cryptocurrency Mining Equipment MarketThe insider report covers various aspectsDifferent methodology to study the competitive...

Brazilian Indigenous Tribes Neglected by the Government

Jair Bolsonaro, The President of Brazil, is known for looking down on its indigenous people. He is racist and discriminative towards themHe...

ZebPay to Dispatch India’s non-fungible Crypto Token and Commercial Center

A non-fungible token (NFT) is a cryptographic symbolic that speaks to something exceptional and has singular qualities that set them apart. The distinction...