Litecoin (LTC) Outperforms ETH, BCH, and USDC, Responsible for 23.71% of Total BitPay Transactions in February

By 0xGorki 03/10/23 1:39 PM

Litecoin has been gaining traction in the cryptocurrency world lately, as recent data revealed that it ranked ahead of several top cryptocurrencies in terms of transaction count on the network. The protocol announced that Litecoin recorded more transaction counts than Ethereum, Dogecoin, USDC, Bitcoin Cash, and Polygon over the past six months, except for Bitcoin, which ranked higher.

The news comes as a major boost to Litecoin, which was designed as a payment protocol and has been serving its purpose well since its inception. One of the largest payment processors in the Web3.0 world, BitPay, reported that Litecoin was responsible for 23.71% of total transactions conducted in February, coming in second only to Bitcoin, which had 44.98%. Dogecoin, on the other hand, recorded a meager 5.45% transaction count on the network.

Litecoin transactions on the world’s largest cryptocurrency payment processor have grown to make $LTC by far one of the most consistently transacted crypto this month and every month. #Litecoin & @BitPay making it easier to #PaywithLitecoin pic.twitter.com/uCvcQRqSCQ

— Litecoin (@litecoin) March 9, 2023

The increasing transaction count of Litecoin on BitPay’s platform is a positive indication of its growing acceptance as a payment protocol. However, it is worth noting that the current outlook of Litecoin is not impacting its price, as there are a lot of sell-offs ongoing in the industry today. Litecoin is currently changing hands at a spot price of $71, down 15.3% at the time of writing, and by more than 25.4% over the past week.

The transaction count metric is an essential factor that determines the adoption and popularity of a cryptocurrency. Litecoin’s recent surge in transaction counts suggests that it is gaining traction and could potentially become a dominant payment protocol in the future. The cryptocurrency industry is rapidly evolving, and Litecoin’s recent success in transaction count could propel it to new heights.

In conclusion, Litecoin’s growing transaction count on BitPay’s platform is a positive development that underscores its potential as a payment protocol. While the current market conditions may be impacting its price, the increasing adoption of Litecoin could see it become a major player in the cryptocurrency world in the years to come.

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