Litecoin ready to dance?

With ETF rumors brewing, the month of May saw massive Litecoin inflows and on-chain activity. On May 24, more than US$5.04b - equivalent to 59.18m LTC - was traded in 24 hours. With a circulating supply of 74.5m - and a capped lifetime supply of 84m - this volume shows an insatiable desire for Litecoin from new and accumulating parties. Volume wasn’t the only metric off the charts this month. More than 300k new wallets were added in the week leading up to May 29 - taking the total number of Litecoin wallets to an all time high of 8.25m (as at May 29, 2024).

Remarkably, in spite of live ETFs giving Bitcoin greater accessibility to the masses’ and institutional money - LTC’s daily volume has regularly eclipsed that of BTC. In the last five days alone (May 24-29) Litecoin has twice seen higher 24-hour transfer volume than Bitcoin, on both May 24 and May 27.

.New money did not hide its interest in Litecoin this month. May 10 saw in-flows increase by 158.62% as investors scooped up 1.05m LTC in a single day. And while the Litecoin blockchain has been busy processing more than 40m transactions year-to-date, fees remain remarkably low. And there’s no need to cherry pick a day. Despite US$5.04b of Litecoin being transacted in 24 hours on May 24, the average transaction fee was a meager US$.0054. As always, this is not financial advice.