Will LTC Price Follow the Rise of Litecoin Payments?
With more and more people using Litecoin crypto as a method of payment, will LTC price follow the rise?
According to a recent BitPay report, Litecoin has gained significant traction as the coin of choice for purchases. Leading electronics, video games, gold and jewelry, and other e-commerce websites have reported an uptick in Litecoin payments.
Furthermore, monthly Litecoin payments have increased 109% over the past year, the report added. LTC comprises 27.6% of all payments on the platform, with BTC being the top choice at 41.6%.
The firm noted that Litecoin payments were most prominent in North America. However, there has been impressive growth across the world in EMEA, Asia Pacific, and Latin America regions. BitPay is a leading crypto payments provider.
Since supporting Litecoin in mid-2021, BitPay has processed over 180,000 payments made with the asset, representing more than $30 million in sales.
Litecoin On-chain Activity Continues to Grow
According to Glassnode, the total number of addresses on the Litecoin network has reached an all-time high of 165.5 million.
Furthermore, there are around 100,000 transactions per day on the network. The daily transaction count has doubled over the past two years.
Litecoin network hash rate hit an all-time high of 615 TH/s (terahashes per second) last week, and it is still close to those levels.
The uptick in on-chain activity and overall network health could be a precursor for an LTC price rise.
Additionally, the Litecoin halving is also usually bullish for market activity. However, the block reward cut is not expected until early August 2023.
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LTC is currently trading down 3.9% on the day at $75.09 at the time of writing. Furthermore, the silver to Bitcoin’s gold has had a stellar month gaining almost 33%.
The asset has remained in a range-bound channel since it climbed on Nov. 22. Nevertheless, it has fallen heavily since its May 2021 all-time high of $410, dropping nearly 82% since then.
There has been around $670 million in 24-hour trading volume. Analysts do expect a short-term decline back to the $70 zone, however.
With a market cap of $5.4 billion, Litecoin ranks 14th, behind OKX Exchange’s token OKB.