As an experienced analyst, I’ve closely watched the cryptocurrency market for years, and I’ve seen firsthand how quickly things can change. Litecoin’s recent resurgence is a perfect example of this volatility. Just days after hitting fresh Q2 2024 lows, Litecoin is on the rise once again, fueled by the surge in Ordinal inscriptions.
I’ve experienced a notable uptick in Litecoin‘s price lately, bouncing back from its dismal Q2 2024 lows of approximately $70 hit in late June. The impetus behind this revival can be attributed to the surging popularity of Ordinal inscriptions.
Over 25 Million Ordinals Inscribed On Litecoin
As a crypto investor, I’m excited to share that, according to Litecoin, over 25 million ordinals have been inscribed on its proof-of-work network by June 27. It’s important to highlight that an impressive 1.5 million ordinals were added within the last two weeks. This significant development is a boost for the proof-of-work network and a positive sign of its continued growth.
Compared to Bitcoin and Ethereum, which have higher transaction fees, Litecoin offers more affordable dealings. This cost reduction might result from its lower transaction volume and enhanced scalability, setting it apart from the most valued cryptocurrencies.
Based on data from BitInfoCharts, the typical transaction fee on the Litecoin network was approximately $0.0037 as of June 28. Surprisingly, this fee level has remained constant over the past several months, even with the introduction of Ordinals in early 2023.
As a crypto investor, I’ve noticed an intriguing trend in one of the oldest blockchain networks: the increasing use of ordinals. This development speaks volumes about the network’s robustness. Fees stay remarkably low, allowing for a larger volume of transactions and more managed items without incurring exorbitant costs.
The Ordinal network’s capability was underscored by the recent Ordinal boom, which signifies escalating curiosity and broader application prospects. In early June, we witnessed a remarkable surge of 75% in active addresses and a significant spike in transactions, totaling approximately 426,000. This sudden burst propelled activity to its peak in the past six months, surpassing that of Ethereum, currently the most vibrant platform.
As a expert, I’d rephrase it as follows: Litecoin, being derived from Bitcoin, supports identical functionalities for inscriptions. These inscriptions enable the immutable and transparent recording of various data such as texts and images. Given that all inscriptions are embedded on the blockchain, users can authenticate and trace the origin of these records.
Picking Up From Bitcoin Success, Miners Benefit
The achievement of Ordinal inscriptions on the Bitcoin network served as a catalyst for introducing comparable features on Litecoin and Dogecoin. In early 2023, Anthony Guerrera implemented this innovation on Litecoin, leveraging the SegWit and Taproot upgrades, which were initially adopted on Bitcoin.
As a crypto investor, I’ve noticed that ordinals, particularly on Bitcoin, have been criticized for unnecessarily congesting the network and driving up transaction fees. The introduction of the Runes Protocol during Bitcoin’s halving event on April 20 has exacerbated this issue. Nevertheless, the surge in fees has provided a much-needed reprieve for miners who have been grappling with reduced revenue following the halving.
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2024-06-28 19:12