Litecoin has managed to eke out a milestone — processing its 180 millionth transaction — at the same time as litecoin (LTC) the asset — as soon as the second-largest crypto behind bitcoin — struggles to stay related within the eyes of crypto traders.
A post on X, previously Twitter, by the Litecoin Basis celebrated the win on Tuesday, together with that in 2023 alone the platform has seen over 51 million transactions, surpassing final 12 months’s complete of 39 million.
Nevertheless, regardless of the welcomed exercise, Litecoin’s monetary and operational well being stays in query. Information from the mission’s main GitHub repository reveals no code commits have been performed within the final 5 months.
Compounding issues, the mission’s native token of the identical title has witnessed a staggering decline of roughly 45% in its worth since July, dropping from a neighborhood peak of $114 to its present standing at $63.
Its downward slide is a stark distinction to its hovering all-time excessive of $413, posted greater than two years in the past. The narrative of digital silver to bitcoin’s gold has misplaced its sheen.
Litecoin’s charge income additional underscore the mission’s tumultuous journey, which, regardless of processing extra transactions than the earlier 12 months, has fallen significantly.
In Could 2021, through the throes of the earlier bull run, charges generated by Litecoin peaked at $186,000. Nevertheless, as of October this 12 months, that determine has since plummeted by 68%, settling at a modest $6,000, knowledge from Token Terminal reveals.
Such fluctuations trace at various transaction volumes or altering consumer exercise dynamics because the bear market continues to chew, pushing sure tasks additional out of the minds of traders.
Whereas the platform boasts a circulating provide of 73.5 million LTC and a market cap of $5.3 billion, up 2.2% over the past 30 days, the crypto has dropped to fifteenth spot, Blockworks Analysis shows.
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