Litecoin has emerged as a standout performer in the cryptocurrency payments sector, overtaking prominent digital currencies such as Dogecoin, Bitcoin, and Ethereum as the top choice for crypto payments on leading Bitcoin payment service provider, Bitpay.
Litecoin At The Forefront Of Crypto Payments
In a recent announcement on X (formerly Twitter), the Litecoin team revealed that LTC has claimed the top spot as the most preferred cryptocurrency for payments on Bitpay. Sharing a chart of Bitpay’s payment count by cryptocurrency, the team disclosed that Litecoin has hit a recent milestone, scoring approximately 41.76% of the platform’s total transaction count.
Bitpay’s official website has also acknowledged this significant achievement, confirming that “Litecoin is the cryptocurrency most commonly used for transactions” on its payment platform. Surging higher than popular cryptocurrencies such as Bitcoin and Dogecoin, Litecoin has achieved this milestone by a staggering margin.
Bitpay’s data disclosed that Bitcoin’s transaction count hovered at 24.36%, marking a notable decrease of 17%, compared to Litecoin. Meanwhile, Ethereum lags, barely hitting the double-digit mark with a modest 9.05% on Bitpay’s payment count.
Even as prominent altcoins like Dogecoin attempt to make their mark, LTC has left them trailing behind. Dogecoin, holding the 4th position in Bitpay’s transaction count, only managed to score 6.8% in the total transaction count.
Adding to this recent achievement, the Litecoin Foundation had previously disclosed in January 2024, that Litecoin had hit “a new all-time high of 38.25% on all payments” processed through Bitpay, outpacing both Bitcoin and Dogecoin again. This development underscores the cryptocurrency’s prominence and robust fundamentals, surpassing expectations as it sets a new standard for digital payments.
With the latest surge, boasting over 40% in Bitpay’s total transaction count, Litecoin continues to make substantial strides, leveraging the potential opportunities amid the rising adoption rates and surge in user confidence.
LTC is now trading at $88. Chart: TradingView
LTC Fundamentals Grow Stronger
As Litecoin dominates in crypto payments, it’s worth noting that the cryptocurrency has also been growing stronger in its fundamentals. As stated by a crypto community member and Litecoin supporter, LTC is witnessing its most bullish year, quickly taking advantage of the positive trends in the crypto market.
The crypto member also suggests a shift in the coin’s market sentiment, underscoring the rising interest from investors and traders in the cryptocurrency’s value and future prospects. Currently, the price of Litecoin is steadily approaching the $100 milestone, effectively leveraging its ecosystem’s developments to boost its value and adoption rates.
At the time of writing, the cryptocurrency is trading at $88.00, indicating a substantial 25.02% gain over the past month, according to CoinMarketCap.
Featured image from Pexels, chart from TradingView
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Author: Scott Matherson
