Litecoin (LTC) is showing increased transaction activity in the past days, reaching levels not seen since February. This sudden spike follows the Bitcoin Cash (BCH) community-driven stress test, making some suspect a similar attempt to boost LTC positions. A surge in activity has also been observed with DogeCoin (DOGE), which is mined together with Litecoin.
The Litecoin network and Bitcoin Cash have been caught in a race the Litecoin community calls “the flappening.” The Litecoin project competes for real-world usage and transaction levels with Bitcoin Cash, and the extraordinary BCH activity during the stress test skewed the statistics.
Over 24 hours, the Litecoin network carried more than 77,000 transactions, way above the typical levels of 25,000 to 30,000. Yet, the number is minuscule compared to the peak seen during the Bitcoin Cash stress test, when more than 2.3 million transactions passed in 24 hours. The absolute record for Litecoin is over 225,000 transactions in 24 hours, which happened on January 4, 2018 as market prices soared.
Meanwhile, DogeCoin 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. In the past few days, DOGE has doubled its market price, and the renewed interest spurred the movement of coins.
Both DOGE and LTC are seen as almost direct competitors of BCH although the Bitcoin Cash community has taken a different direction, and BCH has seen sudden spikes in 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, the activity for coins and tokens cannot be compared as some networks habitually carry many small transactions while others, like Bitcoin, carry few transactions with a higher value.
Despite the level of transactions, LTC prices have remained stuck in the range of about $60 to $65 in the past few days, as per Coinmarketcap data. The value has also dropped below the 0.01 BTC range that LTC managed to achieve in the past year. Trading volumes have stabilized around the equivalent of $250 million in 24 hours. More than 35% of LTC trading is against Tether (USDT).