Litecoin Reigns as Top Cryptocurrency for Payments

In a major milestone, Litecoin (LTC) was the most utilized cryptocurrency for payments for the second month in a row in December, surpassing all major tokens including Bitcoin (BTC).

According to BitPay, LTC’s share of global payments rose from 34.52% in November to 38.25% in December, an all-time high for Litecoin’s market share. It was evident that LTC took a significant portion of Bitcoin’s market share, as more people chose to use LTC over the combined total of BTC and Ethereum (ETH) to purchase goods and services.

Using Glassnode data, it was found that LTC’s transaction count greatly increased in December, breaking all previous records. Daily transactions peaked at 1.27 million on December 20th, more than double Bitcoin’s number on the same day. Additionally, the USD value of cryptocurrencies transferred on-chain saw a considerable rise in December, with LTC’s transfer volume reaching its highest level since July, averaging $2.7 billion for the month.

Despite the impressive on-chain indicators, Litecoin failed to create any upward price movement for its native token. According to the report, “Digital Silver” lost 11% of its market value last month. LTC has been trading significantly below its 2023 peak recently. Even the halving event did not provide meaningful momentum, with LTC ranked 19th by market value at the time of writing. The declining NVT ratio suggests network usage has outpaced market value growth, historically a bullish signal.

#Cryptocurrency #Litecoin #Bitcoin

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