Litecoin Achieves New Milestone and Surpasses <a href="">bitcoin</a>

Litecoin Achieves New Milestone and Surpasses bitcoin

Litecoin Surpasses bitcoin in Daily Transactions with Over 1 Million in a Single Day

On Nov. 14, Litecoin, often regarded as the silver to bitcoin‘s gold, achieved a remarkable milestone by processing over 1 million transactions in a single day. This staggering accomplishment has put Litecoin ahead of bitcoin, which processed fewer transactions on the same date, marking a significant moment in the world of cryptocurrencies. According to data from BitInfoCharts, Litecoin, the popular cryptocurrency created by Charlie Lee in 2011, handled an impressive 1,015,900 transactions on Nov. 14. This achievement underscores the growing adoption and usage of Litecoin, positioning it as a formidable player in the cryptocurrency landscape. However, despite the substantial increase in transaction volume, the total value transferred on the Litecoin network remained relatively low compared to some other cryptocurrencies. One of the most notable aspects of this record-breaking day for Litecoin was the decrease in average transaction fees. This decline suggests that the Litecoin network was able to efficiently manage the increased transaction load without becoming congested or requiring users to pay higher fees to expedite their transactions. This is in stark contrast to bitcoin, which has often faced scalability issues and higher transaction fees during periods of increased demand.

Litecoin Price Stability Above $70 Coincides with Whale Accumulation

Litecoin has been garnering attention for its recent price stability above the $70 mark. Analyst Ali Martinez has highlighted this stability and pointed out a significant correlation with a pattern of whale accumulation within the LTC market. This observation comes on the heels of a week in which the number of large transactions conducted by LTC whales saw a decline, dropping from around 3,000 to just over 2,000. This dip in whale activity coincided with a brief drop in LTC’s value below the $69 mark. Litecoin’s journey throughout the year has not been without its challenges. Despite experiencing only a minor year-to-date (YTD) price increase of nearly three percent, and a six-month decline that saw its value decrease by approximately one-fifth, there is a sense of optimism surrounding the cryptocurrency. Analysts and market observers are beginning to speculate that if the trend of whale accumulation continues, there could be a notable improvement in LTC’s performance as the year comes to a close.

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Price Overview

Daily chart for LTC/USDT (Source: TradingView) LTC was up 0.22% at press time and was changing hands at $69.65. This was after the altcoin rebounded off of the key support level at $68.95 during yesterday’s trading session. The cryptocurrency has been in a negative trend over the last 2 weeks, which saw its price fall from a high of $76.79 on Nov. 12 to a low of $67.50 on Nov. 18, but now seems to have entered a consolidation phase.

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