Prior to its highly anticipated third halving event, demand in the Litecoin (LTC) blockchain surged, and BitPay records an unparalleled increase in Litecoin (LTC) transfers on the network.
Litecoin (LTC) might surpass Bitcoin (BTC) by number of BitPay transactions: Data
Thirty-five percent of all net transactions on BitPay, a cryptocurrency payment processor, are attributed to Litecoin (LTC), also known as the “Digital Silver” and the eleventh largest cryptocurrency by market capitalization. This figure represents the July 2023 peak of Litecoin (LTC) adoption in retail goods.
Third-largest cryptocurrency and most popular asset on BitPay, Bitcoin (BTC), accounts for 36.47% of all transactions. This indicates that Litecoin (LTC) just needs a 7% rise in activity to overtake all other BitPay cryptocurrencies.
Since they are the most widely used cryptocurrencies, they account for 70.5% of BitPay activity. Meanwhile, 15.5% of the transactions that BitPay customers have approved are made possible by the combined usage of Ethereum (ETH) and Dogecoin (DOGE).
Conversely, the combined contribution of Polygon (MATIC), USD Coin (USDC), and Bitcoin Cash (BCH) to BitPay activity is above 12%.
In the retail payments market, Litecoin (LTC) is especially well-liked as, in addition to operating more quickly than Bitcoin (BTC), it also boasts unparalleled security and resilience to attacks.
Litecoin (LTC) halving completed; sell-off imminent?
It is evident from the comments following the announcement on a main Litecoin (LTC) Twitter account that fans anticipate further “Digital Silver” activity.
As previously reported by U.Today, Litecoin (LTC) successfully through its third halving event. The payout for miners decreased by 50% as a result, to 6.25 LTC per block.
Litecoin (LTC) had a price increase of almost 100% in the eight months preceding the halving event. In July 2023, it hit a 15-month high of more than $100 per coin.
But Litecoin (LTC) had given up some of its gains at the time of publication. At $86.32, LTC is now trading down about 4% from the previous day.
