More people are using crypto’s digital silver, Litecoin, as a method of payment. Additionally, on-chain activity is also looking pretty healthy for LTC.
According to a recent BitPay report, Litecoin has gained significant traction as the coin of choice for purchases. Leading electronics, video games, gold and jewelry, and other e-commerce websites have reported an uptick in Litecoin payments.
Furthermore, monthly Litecoin payments have increased 109% over the past year, the report added. LTC comprises 27.6% of all payments on the platform, with BTC being the top choice at 41.6%.
The firm noted that Litecoin payments were most prominent in North America. However, there has been impressive growth across the world in EMEA, Asia Pacific, and Latin America regions. BitPay is a leading crypto payments provider.
Since supporting Litecoin in mid-2021, BitPay has processed over 180,000 payments made with the asset, representing more than $30 million in sales.
Litecoin On-chain Activity Growing
According to Glassnode, the total number of addresses on the Litecoin network has reached an all-time high of 165.5 million.
Furthermore, there are around 100,000 transactions per day on the network. The daily transaction count has doubled over the past two years.
Litecoin network hash rate hit an all-time high of 615 TH/s (terahashes per second) last week, and it is still close to those levels.
The uptick in on-chain activity and overall network health could be a precursor for an LTC price rise.
Additionally, the Litecoin halving is also usually bullish for market activity. However, the block reward cut is not expected until early August 2023.
LTC Price Outlook
The asset has remained in a range-bound channel since it climbed on Nov. 22. Nevertheless, it has fallen heavily since its May 2021 all-time high of $410, dropping nearly 82% since then.
There has been around $670 million in 24-hour trading volume. Analysts do expect a short-term decline back to the $70 zone, however.
With a $5.4 billion market capitalization, Litecoin is ranked 14th, just below the OKX exchange token, OKB.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.