u.today
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.