Activity on the Litecoin network has suddenly increased to levels not seen since February . DogeCoin also saw a sharp increase in the volume of transactions.
Litecoin (LTC) shows an increase in transaction activity in recent days, reaching levels not seen since February. This sudden spike follows the stress test conducted by the community Bitcoin Cash (BCH) by suspecting that such an attempt to increase LTC positions. A wave of activity was also observed with DogeCoin (DOGE) which is extracted together with Litecoin.
The Litecoin and Bitcoin Cash network were captured in a contest that the Litecoin community calls "flapening". "The Litecoin project competes for real-world usage and transaction levels with Bitcoin Cash, and the extraordinary BCH activity during the stress test has distorted the statistics.
Over 24 hours, the Litecoin network has transported more than 77,000 transactions, far above the typical levels of 25,000 to 30,000, but the number is miniscule compared to the peak observed during the Bitcoin Cash Stress test, when over 24 million transactions went into 24 hours. is over 225,000 transactions in 24 hours, which occurred on January 4, 2018 when market prices skyrocketed
Meanwhile, DogeCoin has reached more than 65,000 transactions in 24 hours – this is the second highest number since March 2018, when DOGE transactions exceeded 74,000 in 24 hours.DOGE has doubled its market price in recent days and renewed interest has stimulated the movement of coins.
Sia DOGE that LTCs are seen as almost direct competitors of BCH even though the Bitcoin Cash community has taken a different direction, and BCH has seen sudden peaks of activity. However, Litecoin is still considered a relatively safer asset by some:
Transaction levels are not always a reliable indicator of price performance, but peak activity often coincides with high market values. However, coin and token activities can not be compared because some networks usually carry a lot of small transactions while others, like Bitcoin, carry fewer transactions with a higher value.
Despite the level of transactions, LTC prices have been stuck in the range of about $ 60 to $ 65 in the last few days, as per Coinmarketcap data. The value also fell below the 0.01 BTC range that LTC managed to achieve in the last year. Trade volumes have stabilized around the equivalent of $ 250 million in 24 hours. More than 35% of LTC trading is against Tether (USDT).
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