Litecoin processed a total of 27% of payments in billion-$-market and was never down in 11 years

December 30, 2022 Brazen Crypto Team Litecoin 0

  • BitPay noted that Litecoin is quite popular in crypto payments for everyday purchases and retail transactions.
  • The LTC price is up 40% in the second half of 2022 and outperformed BTC by 130% in the same period.

One altcoin which has recently grabbed the massive attention of investors in the crypto space is Litecoin (LTC). LTC is currently among the top-performing crypto assets and has typically shown greater strength over the last six months.

The great thing about Litecoin is that it is swiftly becoming the preferred payment network among crypto enthusiasts. Crypto processing firm BitPay recently shares that they have been seeing greater demand for LTC payments over the last few months.

BitPay integrated Litecoin payments last year in July 2021. Since then, they have processed over 200,000 LTC transactions, valued at more than $35 million across all of its merchant networks. Currently, Litecoin does 27 percent of all crypto payments on BitPay. It is second to Bitcoin which still contributes nearly 41 percent of the total payments on BitPay.

 

Speaking on this development with PYMNTS,  Stephen Pair, the CEO of crypto processing platform BitPay, said:

Most merchants would like to take all payment methods. The [litecoin]community has been really supportive, they’re buying everything with it. They really pay attention to the merchants on our platform and tend to become patrons of those companies. Litecoin bills itself as the silver to bitcoin’s gold, and they’ve always been about payments and making it a great solution for conducting payments.

Pair further added that Bitcoin is more popular for making payments for high-value luxury goods. On the other hand, Litecoin is used to make everyday small-value transactions or repeatable transactions of a few hundred dollars. The great thing about Litecoin is that its blockchain network has never been down in the 11 years of its existence. Apart from BitPay, several other merchants and payments processors support LTC.

Follow us for the latest crypto news!

Litecoin Whales Have Been Dominating

Litecoin’s native cryptocurrency LTC has delivered a stellar performance in comparison to other altcoins, especially during the second half of 2022. The LTC price jumped nearly 40 percent from its bottom in June 2022. Thanks to the rising whale participation for Litecoin over the last six months.

Onc-hain data provider Santiment reported: “Litecoin whale transactions have been much higher than normal in the second half of December”. Currently, the LTC price is trading at $66.6 and is among the top 15 cryptocurrencies by market cap. Interestingly, Litecoin has delivered a solid performance in comparison to giants like Bitcoin. The Santiment report notes:

Litecoin’s price ratio vs. #Bitcoin remains up big since large addresses began popping up at historic rates starting in May. Since June 12th, the $LTC / $BTC price ratio is up +130%. The network just hit the most 1,000+ $LTC addresses in 2 years. 

Courtesy: Santiment

Going into 2023, Litecoin might continue to see further growth in the market. It will be interesting to see whether LTC can make its way among the top 10 cryptocurrencies by market cap.