In the wake of the recent Ordinals frenzy, a noteworthy shift in the crypto world has taken place.
The crypto landscape is currently buzzing with the newfound popularity of Ordinals, which has led to an interesting turn of events.
Litecoin (LTC) is currently undergoing a record surge in transaction volumes.
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Last week, as per the crypto statistics site Bitinfocharts, Litecoin's blockchain logged an unprecedented 584,838 transactions in a single day. Even though the subsequent days experienced a dip in activity, with May 18th count at 193,493 transactions, it's clear that Litecoin's usage remains at a historic high.
Interestingly, the catalyst behind this sudden boom in Litecoin transactions is the meteoric rise of the Ordinals phenomenon.
Much like NFTs, Ordinals offer the ability to inscribe digital assets like images or animations on a blockchain. This budding trend had a strong impact on Bitcoin's blockchain, leading to an increased number of transactions and a corresponding surge in transaction fees.
However, it was in February when the ripple effect of the Ordinals trend hit Litecoin's blockchain. An insightful coder incorporated Ordinals into Litecoin's blockchain, sparking a considerable response among the users.
As per the Litecoin Foundation, a non-profit organization dedicated to advocating for Litecoin's wider adoption, over 2.6 million Litecoin Ordinals have already been inscribed on the blockchain.
Despite the flurry of activity, the network has managed to keep the fees consistent, a significant advantage over the soaring fees on the Bitcoin ecosystem due to Ordinals.
The Litecoin network so far has handled this enthusiasm without any issues.
Meanwhile, LTC, the trading symbol of Litecoin, has been making waves in the market with a strong performance. BitDegree data shows an impressive 15.23% surge in the past week, propelling its trading value to $91.55.
The impact of the Ordinals mania on Litecoin's recent performance suggests an evolving crypto scenario. While it's too early to predict, the significant rise in Litecoin activity might hint at a potential reshaping of the crypto hierarchy.