Litecoin Achieved Many Milestones in 2022 But Development Activity Took a Back Seat

Litecoin Achieved Many Milestones in 2022 But Development Activity Took a Back Seat

Altcoins

While most crypto-assets struggled to keep their price upwards due to the crypto winter, Litecoin appeared to have been decoupling from its peers, which aided its trajectory.

In fact, it has been posting gains over the past month. Despite a promising attempt at a comeback, the developer activity on the network was lagging.

  • Data from Santiment shows that the development activity first gained traction in early September before skyrocketing in October.
  • The figures went downhill shortly thereafter – from 2.26 to 0.12 in a span of two months.
  • In contrast, Messari ranked Litecoin as the second most active chain in estimated on-chain transaction volume over the past 24 hours.
  • With $2.88 billion in transaction volume, Litecoin is trailing just behind Bitcoin. The volume for the latter stood at a whopping $3.98 billion.
  • The two crypto-assets were followed by other prominent networks, such as Cardano, Ethereum, and XRP, with $1.96 billion, $1.04 billion, and $440 million, respectively.
  • Another bullish note is the average Litecoin balance currently held on Mimblewimble Extension Blocks (MWEB), which has increased to 58,000 LTC, or the equivalent of over $4 million.
  • Moreover, Litecoin has captured the second spot on the list of the most supported ATM cryptocurrency leaving behind altcoin leader Ethereum.
  • BitPay’s recent report further highlighted the emergence of Litecoin as a preferred payment method across the globe. In just one year since the crypto payment provider added support for it, monthly LTC payments increased by 109%.
  • Meanwhile, Litecoin payments account for roughly 27% of all the payments that are processed by Bitpay, only behind Bitcoin, which grabbed the first spot with more than 40% dominance.

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