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Litecoin (LTC) Payments Surge 50% as Network Reaches New Milestone

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Sun, 27/08/2023 - 15:13
Litecoin (LTC) Payments Surge 50% as Network Reaches New Milestone
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Litecoin (LTC) is seeing a rise in its utility for payments. The Litecoin Foundation, a nonprofit organization overseeing the development and support of Litecoin, draws attention to this fact in a recent post on X, formerly known as Twitter.

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Depicting a spike in its utility, Litecoin has seen a 50% increase in the percentage of use on crypto payment processor BitPay from spring to summer.

BitPay supports over 16 cryptocurrencies, including stablecoins. Litecoin takes the lead among preferred cryptocurrencies for payment, second only to Bitcoin.

In July, LTC accounted for 34.05% of BitPay's payment count by cryptocurrency, while Bitcoin made up 36.47%.

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As reported, the Litecoin network hit a big milestone recently, surpassing 175 million transactions. A trend of growth is seen, as last year, 2022, only saw a total of 39 million in the whole year. This year alone, there have been more than 46 million transactions.

Earlier this month, Ledger and PayPal partnered to make purchasing cryptocurrency easier. This feature will allow users to buy cryptocurrency straight from the Ledger Live app using PayPal.

This resulted in the integration of Ledger Live software with PayPal, allowing U.S. residents with verified PayPal accounts to purchase four cryptocurrencies, including Litecoin, directly through Ledger Live with no additional verification.

Litecoin price action

At the time of writing, LTC was marginally up 0.29% in the last 24 hours to $65. Litecoin had its halving event Aug. 2, with mining rewards slashed from 12.5 LTC to 6.25 LTC.

Despite the bullish halving event, LTC has underperformed, leading to a bearish death cross formation on its chart.

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A death cross occurs when the daily moving average (MA 50) crosses above the daily moving average (MA 200). Although a death cross might depict further sell-offs, it is more often not the case. This is because the asset is usually oversold by the time of the formation of the death cross and might be due for a rebound.

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