Litecoin (LTC) Outshines Bitcoin and Ethereum in Payment Transactions
Litecoin (LTC) has emerged as the most utilized digital coin for payments, surpassing Bitcoin and Ethereum for the second consecutive month. According to BitPay, the world’s leading crypto payment processor, traders preferred LTC to complete digital payments as BTC and ETH maintained high transaction fees in 2023.
Source – BitPay
BitPay Data Reveals Litecoin as Most Utilized Coin for Payments
BitPay users favored Litecoin by 38.25% in December, outshining Bitcoin and Ethereum’s 23.24% and 10.45%, respectively. In November 2023, Litecoin also dominated the platform’s payments by 34.52%, surpassing BTC’s 30.55%. This data clearly indicates that Litecoin is gaining increasing acceptance and use cases compared to Bitcoin and Ethereum.
Other cryptocurrencies that BitPay users frequently utilized in transactions through December 2023 include Dogecoin (7.38%), Bitcoin Cash (6.18%), Polygon (5.09%), and Circle USD (2.07%).
Increasing Use Cases: Litecoin Dominates Payments for Second Consecutive Month
The fact that enthusiasts used Litecoin more than Bitcoin and Ether combined to buy goods and services showcases the increasing use cases and acceptance of LTC. This highlights the growing trust and confidence in Litecoin as a viable digital payment option.
Source- Glassnode
Network Activity Boosts Litecoin’s Superiority in Crypto Payment Sector
Litecoin’s impressive figures in the crypto payment sector coincide with heightened network activity and increased profitability. According to Glassnode data, LTC’s transaction count reached all-time highs on December 20, surpassing 1.27 million transactions. This number more than doubled BTC’s transaction tally during the same period.
Furthermore, the US dollar value of the tokens transacted on the Litecoin blockchain averaged around $2.7 billion in December. This represents the highest figure since July 2023, highlighting the increasing financial activity on the Litecoin network.
BitPay Transaction Data Highlights Litecoin’s Efficiency in Payments
BitPay remains a significant player in the cryptocurrency world, processing around 390,401 transactions in the past six months. Out of the 51,896 crypto transactions processed in December, 19,850 used Litecoin. This data showcases Litecoin’s efficiency and effectiveness as a mode of payment, potentially due to Bitcoin’s weaknesses in terms of transaction fees and speed.
In conclusion, Litecoin has proven to be the digital coin of choice for payments, outshining Bitcoin and Ethereum in terms of usage and acceptance. Its increasing use cases, network activity, and efficient payment system highlight its potential as a valuable digital payment option. The dominance of Litecoin in the crypto payment sector is expected to continue as more traders and merchants recognize its advantages over other cryptocurrencies.
Analyst comment
Positive news.
As an analyst, I predict that the market for Litecoin will continue to grow as it outshines Bitcoin and Ethereum in payment transactions. Its increasing use cases, network activity, and efficient payment system make it a valuable digital payment option. The dominance of Litecoin in the crypto payment sector is expected to continue as more traders and merchants recognize its advantages.
