Is Litecoin (LTC) making a comeback thanks to the Ordinals protocol? The blockchain is enjoying a resurgence of interest since it is being used with the protocol that is currently all the rage on Bitcoin (BTC). Could this be sustainable?
The Ordinals protocol has landed on Litecoin (LTC)
Long an occupant of the top 10 most capitalised cryptocurrencies, the Litecoin network (LTC) has not particularly managed to maintain the attention of the general crypto public in recent years. But it would seem that the arrival of the Ordinals protocol has rekindled some interest in the blockchain.
The number of daily transactions on Litecoin has soared after years of flat trading. Until then, there were between 90,000 and 100,000 transactions a day. But on 10 May, that number soared to almost 590,000:
The number of transactions on the Litecoin network has exploded
On 10 May, the blockchain was processing up to 7 transactions per second. Historically, the network has processed between 1 and 2 transactions per second. This development can also be seen in the average hashrate. This reached an all-time high on 11 April, at 924 TH per second. The network is therefore in turmoil
Renewed interest in Litecoin?
Litecoin made news last year when it was integrated into the Mimblewimble anonymity solution. But since then, few major changes have been made to the network. The ability to create registrations with Ordinals is therefore a minor revolution.
For the time being, however, this renewed interest has only been partially reflected in the LTC price. The breakthrough in Ordinals listings in the middle of the month took it up to $95, but was followed by a sharp fall to $82. Since then, the LTC price has climbed again, but it has been historically volatile since the start of the year:
Litecoin price rocked by Ordinals protocol craze
It’s too early to tell whether this is a genuine interest or just a passing fad for what is one of the biggest revolutions in Bitcoin (BTC).
