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"According to BitPay, the world's largest crypto payment processor, Litecoin (LTC) is one of the most popular payment cryptocurrencies. LTC's share of global payments increased from 23% in March to just over 34% by the end of July, marking a nearly 50% increase.
Source: BitPay
In fact, just in June, ""digital silver"" briefly overtook ""digital gold"" Bitcoin, capturing the top spot for the first time in history. However, LTC's growth trajectory has since stabilized, and it has relinquished the top spot to BTC.
The summer of Litecoin's growth was driven largely by parabolic increases in trading volume from May to June. During this period, LTC's trading volume reached levels similar to Bitcoin's daily trading volume multiple times, as reported by Glassnode.
It's worth noting that when Bitcoin transaction fees skyrocketed, frustrated users sought cheaper alternatives, driving up demand for Litecoin.
In August, Litecoin underwent its most significant halving event, but the results didn't align with the expectations of most token enthusiasts. LTC faced heavy blows during two consecutive bearish phases.
Initially, excitement over Litecoin's scarcity waned as it dropped 10% in the days following the halving. CoinMarketCap data shows that a more substantial drop occurred during the Bitcoin-dominated market massacre, where the token fell by 24%. Overall, since the beginning of this month, LTC has seen a 30% decrease in value." |
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Post time 17-10-2023 11:11:04
