- Litecoin has surpassed all major assets, including Bitcoin
(BTC), to become the most widely used cryptocurrency for payments for the first time.
- In June, LTC’s share in global payments rose to 34.9%, marking a sharp increase from May’s 28.78%.
- The total number of transactions in LTC saw a significant increase in June, reaching levels equivalent to Bitcoin’s daily total in many cases.
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Litecoin has become the most widely used cryptocurrency for payments, dethroning Bitcoin and approaching its transaction numbers.
Litecoin Takes the Lead in Payments
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In June, Litecoin (LTC) gained significant momentum in its ecosystem, surpassing all major assets, including Bitcoin (BTC), to become the most widely used cryptocurrency for payments.
According to data tracked by BitPay, the world’s largest payment processor, LTC’s share in global payments rose to 34.9% in June, showing a sharp increase from May’s 28.78%. In this process, Litecoin, the “silver” to Bitcoin’s “gold,” marginally surpassed Bitcoin as its share dropped from 36.39% to 34.06%.
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In response to this significant development, Charlie Lee, the creator of Litecoin, said:
“Personally, I didn’t expect this day to come, but it did! Litecoin payments via BitPay even surpassed Bitcoin.”
LTC has built strong momentum as the anticipated halving event approaches. It has been one of the highest gainers among assets in the past month and has a market capitalization of over $2 billion. Riding on positive sentiment, LTC’s price reached a 14-month high of $113.
According to Glassnode data, the total number of LTC transactions saw a significant increase in June, reaching levels equivalent to Bitcoin’s daily total in many cases. The demand for LTC’s transactional ease has sharply increased since May as users turn to alternatives due to high transaction fees on Bitcoin.
LTC Whales Sold a Significant Amount
LTC whales succumbed to the urge to lock in their profits and sold a large portion of their holdings. According to Santiment, the number of addresses holding 1,000-10,000 coins, classified as small whales, decreased significantly last week. A similar situation occurred for those holding between 100,000 and 1 million LTC.
This trend was also reflected in the Average Coin Age indicator, indicating a decrease. Consequently, there was increased activity among addresses holding LTC.
However, as the halving event is less than a month away, whales will start reviewing their marketing strategies. Historically, LTC prices have risen both before and after halving events. Therefore, it would not be surprising if these addresses begin accumulating LTC coins before the event takes place.