As interest in the Litecoin (LTC) blockchain spiked prior to its hotly anticipated third halving event, BitPay registers an unparalelled spike in Litecoin (LTC) transfers on the platform.
Litecoin (LTC) might surpass Bitcoin (BTC) by number of BitPay transactions: Data
Litecoin (LTC), the "Digital Silver" and 11th largest cryptocurrency by market capitalization, is responsible for 34.05% of the net transaction count on BitPay, a processor of cryptocurrency payments. This number reflects the spike of Litecoin (LTC) usage in retail products in July 2023.
Litecoin ⚡ transactions with the world's largest #crypto payments processor @BitPay continue to thrive: Over 34% in $LTC last month!! The race for the most used crypto is neck and neck.— Litecoin (@litecoin) August 2, 2023
With more and more people choosing to #PayWithLITECOIN pic.twitter.com/5CFLwyT1Sb
Bitcoin (BTC), the largest cryptocurrency and most popular asset on BitPay, is responsible for 36.47% of transactions. It means that Litecoin (LTC) only needs to have its activity increased by 7% to become a dominant BitPay cryptocurrency.
As such, the two most popular cryptos are responsible for 70.5% of BitPay activity. Meanwhile, Ethereum (ETH) and Dogecoin (DOGE) combined are responsible for 15.5% of transactions authorized by BitPay users.
In turn, Bitcoin Cash (BCH), USD Coin (USDC) and Polygon (MATIC) combined bring over 12% of BitPay activity.
Litecoin (LTC) is particularly popular in the segment of retail payments: it works faster than Bitcoin (BTC) but also has an unparalelled level of security and attack resistance.
Litecoin (LTC) halving completed; sell-off imminent?
In the comments below the announcement posted on a core Litecoin (LTC) Twitter account, users are sure that "Digital Silver" activity will grow further.
As covered by U.Today previously, Litecoin (LTC) came through its third halving event. As a result, the miners' reward dropped by 50% and reached 6.25 LTC per block.
In the eight months before halving event, the Litecoin (LTC) price more than doubled: in July 2023 it reached 15-month highs of over $100 per coin.
However, by press time, Litecoin (LTC) lost part of its gains. Now, LTC is changing hands at $86.32, down almost 4% in the previous 24 hours.