Litecoin is often overlooked as a cryptocurrency network, even though it has ample potential. In recent months, its median transfer volume has slipped a bit, even though the overall network transactions remain high.
The Litecoin Median Transfer Volume Goes Down
According to the team over at Glassnode, Litecoin’s median transfer volume is on the decline. This has been the case for some time now, despite some form of a recovery being mounted between March and May. That upward momentum wasn’t to last, but it can still materialize again.
The end result, however, is how the median transfer volume on Litecoin has hit a three-month low. Nothing to be overly concerned about either, but it does tell an interesting tale. If less value is transferred over the network, something must be afoot.
Unlike the likes of Ethereum, Litecoin doesn’t have DeFi solutions or dApps. That doesn’t mean the network is less valuable by any means. In terms of payment and scaling, it seems to remain ahead of Bitcoin in some regards. It is also cheaper to pick up as an investment compared to both Bitcoin and Ethereum.
With the weekly median transfer volume dropping to 53.5 Litecoin, things are not looking too great. It is not a terrible figure either. The all-time high for Litecoin was recorded in January 2018, with nearly 3,200 LTC being moved across the network.
It will take some time to recover from this ongoing downtrend. A new peak must be established sooner or later, yet it does not appear to be related to the LTC price. A higher LTC price in July 2019 did not result in a big median transfer volume spike either.
Litecoin Total Transfer Volume Remains Healthy
Looking at slightly different statistics, it is evident that Litecoin is still doing well for itself. An overview of the total transfer volume on a weekly basis shows that plenty of funds is moved across the network.
The most recent statistics indicate that over 150 million LTC was moved in one week. Considering how one LTC was worth just over $44 during that time, this represents a value of $6.6 billion. Not a bad week for a cryptocurrency that is often shunned and laughed at.
It is important to keep in mind that the total transfer volume also accounts for exchange-based trades, as well as funds moved between [user] wallets, and so forth. It is very different from the exchange volume found on data aggregators.