Litecoin has emerged as a prominent performer in the cryptocurrency payments sector, overtaking leading digital currencies such as Dogecoin, Bitcoin and Ethereum as best choice for cryptocurrency payments on the leading Bitcoin payment service provider, Bitpay.
Litecoin at the forefront of cryptocurrency payments
In recent announcement on X (formerly Twitter), the Litecoin team revealed that LTC took the top spot as the most preferred cryptocurrency for payment on BitPay. Sharing a chart of Bitpay payment volume by cryptocurrency, the team revealed that Litecoin recently achieved a milestone by capturing approximately 41.76% of the total transaction volume on the platform.
Bitpay’s official website also recognized this significant achievement, confirming that “Litecoin is the most used cryptocurrency for transactions” on its payment platform. They grow faster than popular cryptocurrencies such as Bitcoin AND DogecoinLitecoin has achieved this milestone to an astonishing extent.
Bitpay data revealed that the number of Bitcoin transactions hovered at 24.36%, which is a noticeable decline of 17% compared to Litecoin. Meanwhile, Ethereum is laggingbarely reaching double digits with a modest 9.05% for Bitpay payments.
Even such celebrated altcoins as Dogecoin tried to leave their mark, LTC left them behind. Dogecoin, maintaining 4th position in the number of Bitpay transactions, it only managed to gain 6.8% in the total number of transactions.
In addition to this recent achievement, the Litecoin Foundation has had this happen before revealed in January 2024, Litecoin reached a “new all-time high of 38.25% for all payments” processed via Bitpay, again overtaking both Bitcoin and Dogecoin. This development highlights the cryptocurrency’s importance and solid fundamentals, exceeding expectations as it sets a modern trend digital payment standard.
With its recent growth boasting over 40% of Bitpay’s total transaction volume, Litecoin continues to make significant progress, capitalizing on potential opportunities in the face of growing adoption rates and increased user trust.
LTC is now trading at $88. Chart: TradingView
The fundamentals of LTC are getting stronger
With Litecoin dominating cryptocurrency payments, it’s worth noting that the cryptocurrency is also gaining strength in its fundamentals. How he stated by a member of the cryptocurrency community and Litecoin supporter, LTC is having its most bullish year yetquickly taking advantage of positive trends in the cryptocurrency market.
The crypto member also suggests a change in market sentiment for the coin, highlighting growing investor interest and traders about the cryptocurrency’s value and future prospects. Currently, the price of Litecoin remains stable is approaching the $100 thresholdeffectively leveraging the development of its ecosystem to raise its value and adoption rates.
According to CoinMarketCap, the cryptocurrency is trading at $88.00 at the time of writing, indicating a significant raise of 25.02% over the past month.
Featured image from Pexels, chart from TradingView
