The Worst Performing Top Cryptocurrency Litecoin Breaks the Yearly High
- Litecoin Network sees an anomaly spike in transactions, breaking precious yearly record
- Enjoying a rising SegWit adoption, much higher than Bitcoin’s
- LTC price, meanwhile drops hard
On Sept. 19, Litecoin network saw a spike in transactions, reaching 48,582, as per the data provided by Bitinfocharts.
This surge in transactions broke the prior yearly high recorded on June 22 at 47,926.
Though the reason behind this atypical spike is not clear, Litecoin.com reports, “it does not appear to be another dust attack per se.”
However, there have been a few suspicious transactions in different blocks, each of which contains one input and 100s of outputs.
Because the value of each output is more than 0.01 LTC and aren't consistent, these do not resemble the usual dust attack transactions.
These transactions could be connected to an exchange or service wallet that has been used multiple times during 2017-19.
There could also be connected to the wallet, M893qmrU3PSwTrDVU7Cn3K4zxUWPKBmZkr that appears to be spamming the network constantly with hundreds of transactions a day. This wallet has executed around 168k transactions to date, starting in April 2019.
Given the fact that daily value sent over Litecoin network remains constant at about 350 million daily, this sudden spike is not indicative of heightened growth.
Enjoying a Rising SegWit Adoption, Much Higher than Bitcoin’s
About a year ago, SegWit was initiated on Litecoin network that remained around 50% for most of that time only to take a spike just recently.
“Litecoin led the way forward in adopting the bloat-reducing tech: SegWit. In the future, we hope to lead adoption in cutting-edge blockchain technology,”
said Litecoin core developer, Loshan.
Earlier this month, Litecoin founder Charlie Lee celebrated the digital currency’s SegWit usage surpassing that of Bitcoin, and nearing 50%.
Meanwhile, LTC Price Crashes
However, amidst this good news is the crash LTC price experienced on Sept. 24.
As BTC dropped to $9,600 level, Litecoin tumbled down from $73.51 to $66.43, losing more than 9% of value in the past 24 hours.
At the time of writing, Litecoin has been trading at $66.90, as per Coincodex, making it the worst-performing digital asset among the top 20 cryptocurrencies currently.