Litecoin takes the lead in cryptocurrency payments

Litecoin has become the most used crypto for payments, according to new BitPay data. According to the largest payment processor in the world, LTC holds a global share of 38.25% in payments.

The percentage rose from 34.52% in November to 38.25% in December 2023. The number set a new all-time high for LTC when it comes to market share alone. Data from Glassnode also determined that Litecoin’s transaction count surged during December to beat the previous records.

The number of daily transactions peaked at 1.27 million on December 20. Litecoin made history by outperforming every major token for the second consecutive month. Bitcoin, the biggest crypto in the market, managed to secure less than half of LTC on its peak day.

In addition, the USD value of crypto transferred on-chain also noted a massive rise in December. As for Litecoin, the coin registered its highest level since the month of July. It averaged $2.7 billion throughout the month.

However, the marvelous performance did not improve the coin’s market price. The coin deemed the Digital Silver, lost 11% of its market value in December 2023. The coin has been trading below its 2023 peak for a few months.

To traders’ surprise, LTC did not make a comeback even after its anticipated halving process. The coin is currently priced at $64.68, registering a 1.81% dip in the past 24 hours. It has lost 12.86% of its value in the past 30 days.

According to CryptoNewsZ’s Litecoin prediction, the price of LTC can reach a high of $95 before 2024 ends. The minimum expected price for the coin is set at $66, a level it is currently trading at. 

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One thing to note is that the NVT ratio associated with LTC’s transaction volumes has been declining for a while now. It indicates that its network usage has outpaced market value growth. Historically, this has been seen as a bullish signal, hinting at a market surge in the coming months.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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