Different cryptocurrency ecosystems will offer unique metrics. Looking at the transfer volume and network fees for Litecoin, the network is in a very good place. It remains one of the cheapest options to move large sums of value around.
Litecoin Transfer Volume for January 2020
All things considered, there is never a lack of LTC transfer volume. In fact, this network is very active at any given time. January 2020 has not been an exception in this regard. It shows how active the network is and how much Litecoin has been moving around over the network.
Despite a promising first few days in January, the overall transfer volume has been rather volatile. On January 1st, it sat at 5.251,547 LTC. That is a more than healthy figure, to say the very least. The volume increases to over 6.02 million LTC just a few days later.
As the Litecoin price began rising in early January, the transfer volume for Litecoin decreases. A dip to 4 million occurs on January 7. Just over a week later, on the 15th, it spikes to 8,240,696 all of a sudden. This is when the LTC price hits $58.01.
After plateauing off for a bit, another steep decrease in transfer volume occurs. Dropping from over 8.154 million LTC to 1,904,675 LTC on January 27th is a bit strange. During the same period, the price continues its ascend and reaches $57.75
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By the end of the month, 2,628,963 LTC is moved across the network. The price surge to $67.66 may be a contributing factor.
All in all, the Litecoin transfer volume per day never dips below 1.904 million LTC. That is a very healthy figure and one most alternative cryptocurrencies will never achieve.
Transaction Fees Remain Acceptable
With the LTC price rising, the transaction fees tend to do the same, on paper. In the case of Litecoin, that is not necessarily the case. Median fees for this network tend to ebb and flow, but not in a spectacular way.
In fact, the highest media fee for Litecoin is recorded on January 1st, at 0.00053904. This translates to $0.0226 per network transaction. A modest fees, all things considering.
Despite the transfer volume increasing, the average network fee goes down. On January 7, users pay 0.0004057 LTC on average. In US Dollar value, that equals $0.0186. It is not the lowest fee in LTC value for January, however. That low is reached on January 28, at 0.00039324 Litecoin.
Due to the value of LTC increasing, the US Dollar amount for fees is higher than before. On this day, the Dollar-based fee for Litecoin users sits at $0.02152. It is not a massive increase, despite a near 20% increase in LTC price. As such, it highlights the versatility of this network. A price increase for LTC doesn’t make the transaction cost increase automatically.