January 8, 2024

Litecoin Outshines Bitcoin Again in Monthly Payments

In a noteworthy achievement, Litecoin (LTC) has maintained its position as the most utilized cryptocurrency for payments for the second consecutive month in December, surpassing major assets like bitcoin.

According to data from BitPay, the world's largest payment processor, LTC's share of global payments surged to 38.25% in December, up from 34.52% in November. This marked an all-time high (ATH) in market share for Litecoin.

The data revealed a substantial shift in market share from bitcoin, which experienced a significant decline from 30.55% to 23.24%. Notably, more individuals chose LTC for purchasing goods and services than the combined usage of BTC and ETH.

December witnessed a remarkable increase in LTC's transaction count, reaching a peak of 1.27 million daily transactions on the 20th. In contrast, BTC recorded less than half of this figure on the same day.

The on-chain indicators for Litecoin were impressive in December, with the USD value of coins transferred on-chain averaging around $2.7 billion, the highest since July.

Despite these positive indicators, Litecoin's native token, known as the "Digital Silver", experienced an 19% decline in market value over the last month. LTC traded notably below its 2023 peak, and even the halving event failed to generate significant momentum for the coin, currently ranking 21th in market cap.

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