{"id":338945,"date":"2023-08-28T12:00:16","date_gmt":"2023-08-28T06:30:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=338945"},"modified":"2023-08-28T10:36:59","modified_gmt":"2023-08-28T05:06:59","slug":"how-litecoin-emerged-as-the-popular-crypto-for-payments","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-litecoin-emerged-as-the-popular-crypto-for-payments\/","title":{"rendered":"How Litecoin emerged as the popular crypto for payments"},"content":{"rendered":"<ul>\n<li><em>LTC\u2019s share of global payments jumped from 23% in March to a little over 34% by the end of July.<\/em><\/li>\n<li><em>LTC shed 30% of its value since the beginning of the month.<\/em><\/li>\n<\/ul>\n<p>Litecoin [LTC] was one of the most preferred cryptocurrencies for payments as <a href=\"https:\/\/twitter.com\/LTCFoundation\/status\/1695435938103767437?s=20\" target=\"_blank\" rel=\"noopener\">tracked<\/a> by the world\u2019s largest crypto payment processor BitPay. LTC\u2019s share of the global payments jumped from 23% in March to a little over 34% by the end of July, representing a nearly 50% jump.<\/p>\n<figure id=\"attachment_338956\" aria-describedby=\"caption-attachment-338956\" style=\"width: 1158px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments.jpg\"><img decoding=\"async\" class=\"size-full wp-image-338956\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments.jpg\" alt=\"\" width=\"1158\" height=\"413\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments.jpg 1158w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments-300x107.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments-1024x365.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC-payments-768x274.jpg 768w\" sizes=\"(max-width: 1158px) 100vw, 1158px\" \/><\/a><figcaption id=\"caption-attachment-338956\" class=\"wp-caption-text\">Source: BitPay<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/litecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Litecoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>In fact, not so long ago in June, the &#8220;Digital Silver&#8221; flipped the &#8220;Digital Gold&#8221; Bitcoin [BTC] to grab the numero uno spot for the first time in history. However, LTC&#8217;s growth trajectory has since plateaued, and it ceded the first position to BTC.<\/p>\n<h4>Litecoin&#8217;s summer of growth<\/h4>\n<p>Much of the growth was powered by the parabolic rise in transactions in the May-June period. According to Glassnode, LTC&#8217;s transactions count reached levels comparable to Bitcoin\u2019s daily tally on several occasions during this phase.<\/p>\n<figure id=\"attachment_338966\" aria-describedby=\"caption-attachment-338966\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions.png\"><img decoding=\"async\" class=\"size-full wp-image-338966\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-number-of-transactions-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-338966\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>It should be recalled that demand for Litecoin swelled after exasperated users sought cheaper alternatives when transaction fees on Bitcoin were touching the skies.<\/p>\n<h4>LTC&#8217;s charts still in the red<\/h4>\n<p>The month of August, which saw the all-important halving in Litecoin&#8217;s block rewards, hasn&#8217;t panned out the way most of the token&#8217;s fanbase would have liked. LTC was hit hard by two successive bearish phases.<\/p>\n<p>Initially, the excitement over Litecoin&#8217;s scarcity dampened as the token plunged 10% within days of halving. The bigger decline came during the Bitcoin-led market bloodbath, when the token tanked 24%, as shown by <a href=\"https:\/\/coinmarketcap.com\/currencies\/litecoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>.\u00a0 Overall, LTC shed 30% of its value since the beginning of the month.<\/p>\n<figure id=\"attachment_338971\" aria-describedby=\"caption-attachment-338971\" style=\"width: 630px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC_1M_graph_coinmarketcap.jpg\"><img decoding=\"async\" class=\"size-full wp-image-338971\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC_1M_graph_coinmarketcap.jpg\" alt=\"\" width=\"630\" height=\"380\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC_1M_graph_coinmarketcap.jpg 630w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC_1M_graph_coinmarketcap-300x181.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTC_1M_graph_coinmarketcap-400x240.jpg 400w\" sizes=\"(max-width: 630px) 100vw, 630px\" \/><\/a><figcaption id=\"caption-attachment-338971\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<h4>Whales began to accumulate<\/h4>\n<p>Sensing the impending price drop, Litecoin whales liquidated their holdings just in time. However, as the market began to move sideways, these big investors began to add to their stacks.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 LTCs worth today?<\/p>\n<hr \/>\n<p>As per data from Santiment, addresses storing between 1,000-10,0000 tokens increased sharply over the past week. The cohort holding between 10,000-100,000 LTCs exhibited a similar behavior. This indicated that whales were optimistic of a bull run in near future.<\/p>\n<figure id=\"attachment_338980\" aria-describedby=\"caption-attachment-338980\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-338980\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.50.38-27-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-338980\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>However, sentiment around Litecoin continued to be pessimistic. The weighted sentiment, which is a measurement of commentary around the asset, trended in the negative territory.<\/p>\n<figure id=\"attachment_338981\" aria-describedby=\"caption-attachment-338981\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-338981\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-17.53.17-27-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-338981\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin&#8217;s share of the global payments jumped from 23% in March to a little over 34% by the end of July.<\/p>\n","protected":false},"author":80,"featured_media":338951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[70,62],"class_list":["post-338945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-litecoin","tag-ltc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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