Litecoin Payments Are Increasing, But Will The Price Follow?

Litecoin, the digital silver of the crypto world, is becoming more popular as a means of payment. On-chain activity is also seems to be fairly positive for LTC.

A recent BitPay research claims that LTC has become a popular choice as a currency for transactions. Leading online stores for electronics, video games, gold, jewelry, and other goods have noticed an increase in LTC payments.

The research also noted a 109% rise in monthly LTC payments over the previous year. On the site, LTC accounts for 27.6% of all payments, with BTC being the most popular option at 41.6%.

The business reported that North America was where Litecoin payments were most common. However, the EMEA, Asia Pacific, and Latin America regions have also experienced significant growth. Leading cryptocurrency payment processor BitPay.

BitPay has completed more than 180,000 LTC payments since the cryptocurrency’s support began in the middle of 2021, totaling more than $30 million in transactions.

Litecoin on-chain activity growing

The total number of addresses on the Litecoin network has reportedly surpassed 165.5 million, according to Glassnode.

Additionally, the network processes about 100,000 transactions every day. In the last two years, the number of transactions per day has increased.

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 increase in on-chain activity and general network health may signal a future price increase for LTC.

The Litecoin halving is typically positive for market activity as well. The block reward cut, however, won’t happen until early August 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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