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For the first time in its nearly 12-year history, Litecoin has smashed a remarkable milestone. The Litecoin Foundation announces that the Litecoin network has just processed its 180 millionth transaction.
According to the Litecoin Foundation X account, the year 2022 saw a record number of 39 million transactions. This was surpassed in 2023, with Litecoin recording 51 million transactions with around two months left in the year.
This is significant as Litecoin will be celebrating its 12th anniversary in the coming days. Since its inception about twelve years ago, Litecoin touts itself as a stable network with no downtime, having processed over 180 million transactions.
Meanwhile, Litecoin transactions with cryptocurrency payment processor Bitpay are increasing. According to September numbers, nearly a third of all consumers used Litecoin to pay for goods and services at Bitpay merchants.
In August, Litecoin had its third halving event, which saw block rewards half to 6.25 LTC. The next block reward halving is predicted to occur in about 1,400 days.
Litecoin, like Bitcoin, has a maximum supply limit. There will never be more than 84 million Litecoins in existence, which is four times the supply cap of Bitcoin. This scarcity is frequently considered one of the elements contributing to the value proposition of Litecoin.
With a market capitalization of $4.64 billion, Litecoin is the fifteenth largest cryptocurrency. At the time of writing, LTC was down 0.65% in the last 24 hours to $62.90.
Litecoin is still in a week-long price consolidation, with its daily Relative Strength Index (RSI) creeping toward the neutral threshold of 50 at the time of writing.
Although Litecoin’s price has largely consolidated since the August halving event, its network hash rate has lately reached new all-time highs.
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Tomiwabold Olajide
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