Litecoin, which was created as a fork of Bitcoin in 2011 and called digital silver, dropped by more than 30% after last August, falling to $ 56.
However, LTC recovered during the subsequent increases and rose above $90.
LTC, which continues to trade at $87 at the time of writing, has surpassed Bitcoin in usage in payments.
Accordingly, Litecoin has surpassed BTC as a payment option on BitPay. LTC payment dominance reached an all-time high of 41%, surpassing Bitcoin in payments, marking a major milestone for itself.
The rise in the use of LTC in payments underscores a growing trend towards digital assets in payment transactions in general, showing that more individuals and merchants are bypassing expensive intermediaries and using digital assets.
Despite Bitcoin's recent rise to all-time highs, adoption of BTC as a payment protocol has not risen at the same rate. Because BitPay data shows that Litecoin tops the list as the most used cryptocurrency for transaction payments with a dominance rate of 41.76%, while Bitcoin has a dominance rate of 24.36%.
According to BitPay's chart, the use of Ethereum (ETH) as a payment method remains at only 9%, Dogecoin (DOGE) at 6.8%, Polygon (MATIC) at 5.06%, Bitcoin Cash (BCH) at 5%, USD Coin was on the chart with a rate of 59 and a rate of 3.69%.
In Litecoin, which has recorded a 2% increase in the last 24 hours, experts expect that the increase in usage in payments over time will have a positive reflection on the price.
BREAKING: #Litecoin is the #️⃣ 1️⃣ #crypto for payments!! Reaching a new ATH of over 41% of all payments on the world's leading crypto payment processor @Bitpay!!! $LTC is the market leader in real use.. More people #PayWithLITECOIN than the other 3 combined!! pic.twitter.com/RPnYacJiF0
— Litecoin (@litecoin) March 7, 2024
*This is not investment advice.
