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Litecoin (LTC) and Bitcoin Cash (BCH) Networks Activity Spikes while Ripple (XRP) and Stellar (XLM) Observe Depressed Transactions

Jun 17, 2019

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Name Ticker Weekly Average Transaction Volume Most Recent Weekly Transaction Volume
Bitcoin BTC 27,141,353,251 52,144,387,955
Bitcoin Cash BCH 4,275,675,678 15,639,219,854
Litecoin LTC 945,534,888 5,099,321,208
Ethereum ETH 3,619,565,270 5,054,563,822
EOS EOS 808,182,994 1,086,668,574
Ripple XRP 2,402,163,195 1,371,184,204
Stellar XLM 197,640,176 15,062,265

 

  • Today we are comparing the average weekly transaction volume of major cryptocurrencies over the last year with their transaction volumes last week to identify which networks have observed the largest uptick in activity amid the current crypto bull market. 
     
  • Not surprising to see Litecoin (LTC) observe the largest spike in network transaction activity last week relative to its 1-year weekly average. With nearly 5.1 billion transactions on its network last week, LTC’s weekly transactions jumped more than 439% from its 1-year average. This is likely the direct result of the upcoming LTC block reward halving, which is projected to occur in less than 50 days. 
     
  • Bitcoin Cash’s (BCH) 15.6 billion transactions last week represents a 265.8% jumped from its weekly average transactions over the last year.  
     
  • Bitcoin (BTC) transactions last week were 92.1% above the benchmark coin’s average weekly transaction over the last year. Worth noting, last week the BTC network surpassed 1 million daily active addresses for the first time since late 2017, a milestone that preceded the robust crypto bull run of late 2017/early 2018.  
     
  • Among the major cryptocurrencies highlighted above, Ripple (XRP) and Stellar (XLM) were the only networks to observe a slowdown in their weekly transactions compared to their 1-year weekly average. The performance of these coins, however, has severely lagged their peers, so depressed transaction activity on the XRP and XLM networks should not come as a surprise.  

 

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