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Litecoin (LTC) Ordinal Inscriptions Set New Record, Price Jumps 4%: Details

Wed, 03/01/2023 - 14:48
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Tomiwabold Olajide
Number of Litecoin-based ordinals rapidly increased
Litecoin (LTC) Ordinal Inscriptions Set New Record, Price Jumps 4%: Details
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Following the upward trend of ordinal inscriptions on the Bitcoin blockchain, the number of Litecoin ordinal inscriptions has reached a new high.

Software developer Anthony Guerrera created Litecoin Ordinals after forking the Bitcoin Ordinals Github repository on Feb. 19.

While the Litecoin network differs from Bitcoin in several ways, the two code bases are comparable. These similarities include the features of Segregated Witness (Segwit) and Taproot, which enable ordinal inscriptions on the Litecoin network.

The number of Litecoin-based ordinals has rapidly increased since the codebase was made public and Guerrera posted the first one on Twitter. The Litecoin Foundation reports that there are currently 60,000 ordinal inscriptions on the Litecoin blockchain.

Ordinals took over the Bitcoin network in January, and there are currently 231,676 Bitcoin ordinal Inscriptions, according to Dune Analytics data.

Digital assets inscribed on a Satoshi, the smallest unit of value in Bitcoin (BTC), are known as ordinal inscriptions, which are analogous to NFTs.

The Taproot upgrade, which went live on the Bitcoin network on Nov. 14, 2021, made it possible to inscribe on Satoshis, named after the Bitcoin creator, who goes by the pseudonym Satoshi Nakamoto.

Per IntoTheBlock data, Litecoin has seen a surge in profit for its holders, with over 52.89% currently in the money. At the time of writing, Litecoin (LTC) was up 4% in the last 24 hours at $98.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.