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- 1 The network has observed increased activity, with a hash rate of 1.2 PH/s and 34.12 million people involved.
- 2 Litecoin also shared breaking news, that it is the top choice for payments, with over 41% of users selecting it on ‘BITPAY’.
The Litecoin cryptocurrency network has reached 37 million transactions in 2024, according to information shared by Litecoin on the X platform. This demonstrates the growth in transactions and indicates a positive outlook for future prices.
The Litecoin network has completed 37 Million transactions so far in 2024. More active than ever! #Litecoin is accelerating ⚡️ pic.twitter.com/8sr0Kx1hp0
— Litecoin (@litecoin) May 6, 2024
Tweet By Litecoin | By X platform
Moreover, the confirmed Litecoin profile on X also stated that 88.7% of the total Litecoin has been mined up to now, out of the total network capacity of 100%. At the same time, the current supply of LTC is 74,504,194, while the total supply is 84,000,000 LTC.
Percentage of the total #Litecoin mined..
— Litecoin (@litecoin) May 7, 2024
▓▓▓▓▓▓▓▓▓▓▓░░ 88.7%
Circulating supply of 74,504,194 $LTC
Total/MAX supply of 84,000,000 $LTC
You see where this is going?
Tweet By Litecoin | By X platform
Litecoin Network On Boom
The verified source has observed an increase in its network activity, as indicated by its network monitoring metrics. The confirmed information shows that the existing Litecoin hash rate is 1.2 PH/s, while the block height is 2,681,147, and the difficulty is 34,099,459 (Approx.) 34.12 million.
Network Check: The current Litecoin hashrate is
— Litecoin (@litecoin) May 7, 2024
1.2 PH/s at block height 2,681,147 with a difficulty of 34,099,459!
$LTC ⚡️ pic.twitter.com/zRdUeeK4og
Tweet By Litecoin | By X platform
Litecoin Is The Most Preferred Crypto In Terms Of Transactions
According to Litecoin’s tweet, they posted breaking news and shared data indicating that they are in the top position for payments. They also mentioned that the most recent data shows they are in the lead with more than 41% of users selecting Litecoin for payment on ‘BITPAY’, the top crypto payment processor worldwide.
BREAKING: $LTC is the #️⃣1⃣ #crypto for payments!!
— Litecoin (@litecoin) May 8, 2024
The latest numbers are out.. and #Litecoin has been #1 all year, by far the leader with over 41% choosing to #PayWithLITECOIN on the world's leading crypto payment processor @Bitpay!!! pic.twitter.com/pajOvmD3qB
Tweet By Litecoin | By X platform
The number of Bitpay payments made with cryptocurrency exceeded those made with BTC and ETH, with these two accounting for 21.55% and 10.37%, respectively.
Technical Data Of Litecoin Highlights Optimism
TradingView reported that Litecoin experienced a decrease of over 19% in its price within the past month. The significant decrease in price caused most LTC holders to experience losses.
According to data from IntoTheBlock, just 42% of LTC holders had made a profit, while 44% were experiencing losses, and 14% were at breakeven. Last week saw $9.9 Billion worth of transactions exceeding $100K.
LTC (10,000 – 100,000) | By Santiment.com
Nevertheless, as the price of the coin dropped, whales took advantage of the situation to purchase additional coins.
Whale Behavior Is Optimistic
The purchasing influence from big investors on LTC may have contributed to LTC’s shift in direction as the market became positive. The value of the coin rose by 1.00% over the past 24 hours. Additionally, the Fear and Greed Index of the currency suggested that the market was in a state of “fear”.
Litecoin Fear and Greed Index | By CFGI.io
Whenever the metric reaches that point, it suggests a potential for increase in price. The increase in Open Interest suggests that the ongoing uptrend in prices could persist in the future.
LTC TOI | By Santiment.com
Summary
In 2024, the Litecoin cryptocurrency network has reached 37 million transactions, demonstrating growth and a positive outlook. 88.7% of the total Litecoin has been mined, with a total supply of 84 million LTC. Moreover, The network has observed increased activity, with a hash rate of 1.2 PH/s and 34.12 million people involved. Litecoin also shared breaking news, that it is the top choice for payments, with over 41% of users selecting it on ‘BITPAY’.
Despite a recent 19% price decrease, big investors have shown optimistic behavior by purchasing additional coins. The market is currently in a state of “fear”, but the increase in Open Interest suggests a potential future uptrend in prices.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
