Ordinals hype causes all-time high for Litecoin

Not only the Bitcoin network has to pass the stress test of the Ordinals protocol. Litecoin is not spared the NFT fever either.

Activity on the Litecoin network has reached a new all-time high. The so-called ordinals are primarily responsible for this. Ordinals allow files such as images or text to be linked to individual coins. In this way, the protocol makes it possible to NFT's to be created and stored on the blockchain.

The hype around ordinals was initially limited to the Bitcoin network. Now it is spreading to Litecoin. According to data from Bitinfocharts the network recorded a whopping 584,836 transactions in just one day on May 10. The highest value ever.

The high usage of the Bitcoin blockchain in recent weeks has led to an increase in transaction fees. Ordinals users are therefore switching to alternative blockchains such as Litecoin.