Litecoin SegWit transactions exceed 80% of network activity

80% of transactions in the Litecoin network are conducted using the Segregated Witness protocol, while for Bitcoin this figure stands at 50%. This was reported by the creator of ‘digital silver’ Charlie Lee.

Litecoin SegWit usage has reached 80%, whereas Bitcoin is only at 50%. This is mainly because https://t.co/F5bBLhmo3s still has not implemented SegWit. pic.twitter.com/3JjdMhEtTm

— Charlie Lee [LTC⚡] (@SatoshiLite) August 16, 2020

Data from Blockchair’s analytics graph shows that the gap between BTC and LTC widened sharply in the first quarter. Since then the share of SegWit transactions in the Litecoin network has continued to rise, while that of Bitcoin has declined.

Lee noted that one of the main reasons for Bitcoin’s lag is that the operator of the leading BTC wallet Blockchain.com has not yet added SegWit support.

At the same time, Litecoin shows the best daily performance among the top-10 cryptocurrencies by market capitalization, according to CoinGecko. The coin rose by 2.7%, while more than half of the leading digital assets were in the red.

Source: CoinGecko.

Litecoin’s market capitalization surpassed $4.1 billion, allowing the coin to push Bitcoin SV from the eighth position in the rankings. Over the past month, the price of the cryptocurrency rose by 51%.

In late July, analysts from the Veriphi concluded that the widespread use of SegWit since the technology’s 2017 launch would have saved 36,685.72 BTC (~$434 million).

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