Bitrabo Editorial
There has been a notable rise in Litecoin’s value following a previous dip to new lows in Q2 2024. This resurgence can be credited to the increasing number of Ordinals being added.
Over 25 Million Ordinals Recorded on Litecoin Network
In an update from Litecoin, over 25 million ordinals have been documented on the network as of June 27. A remarkable 1.5 million of these were added within a mere two weeks, marking a significant milestone and boosting the network’s capabilities.
Compared to Bitcoin and Ethereum, Litecoin’s transaction fees are notably lower. This could be attributed to its lower transaction volume and enhanced scalability, making it a more cost-effective option compared to other major cryptocurrencies.
As per data from BitInfoCharts, the average transaction fee on the Litecoin network stood at $0.0037 by June 28 and has remained steady despite the introduction of Ordinals in early 2023.
The increasing number of ordinals signifies the network’s strength as it continues to maintain low fees and efficiently handle a greater volume of transactions.
The recent surge in Ordinals also underscores a growing interest in Litecoin and its potential for wider adoption. In June, there was a 75% rise in active addresses and a significant spike in transactions, exceeding activity on Ethereum, which is one of the most active platforms.
Building on Bitcoin’s Success, Miners Benefit
The successful implementation of Ordinals on the Bitcoin network paved the way for similar features on Litecoin and Dogecoin. Anthony Guerrera introduced this technology to Litecoin in early 2023, capitalizing on the SegWit and Taproot soft forks initially rolled out on Bitcoin.
However, ordinals, particularly on Bitcoin, have been criticized for unnecessarily clogging the network and resulting in higher transaction fees. The Runes Protocol launch during Bitcoin’s Halving on April 20 led to an increase in fees but proved beneficial for miners facing revenue challenges post-Halving.