Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Litecoin [LTC] holders might be ecstatic after reading these updates

2min Read
Litecoin [LTC] holders might be ecstatic after reading these updates

Share this article

  • Bitpay’s report revealed that LTC payments increased considerably in one year. 
  • On-chain metrics and other LTC achievements suggested that a promising year could be awaited.

Litecoin [LTC] has been dominating the crypto space of late by increasing its popularity and acceptance on a global scale. Crypto ATM Radar’s data revealed that Litecoin grabbed the second spot on the list of the most supported ATM cryptocurrencies.

LTC even left behind Ethereum as the king of altcoins took the third spot on the list. Indeed, this was an optimistic update for Litecoin holders. 


Read Litecoin’s [LTC] Price Prediction 2023-24


Many milestones achieved!

Interestingly, Bitpay recently published a report that highlighted how LTC was rising as a preferred payment method across the globe. As per the report, the total Litecoin payments processed by Bitpay surged by more than 100% in just one year.

And, in November 2022, the figure reached the 24,000 mark. Litecoin payments account for nearly 27% of all the payments that are processed by Bitpay, only behind Bitcoin, which grabbed the first spot with over 40% dominance.

Source: Bitpay

Over the years, Litecoin has also achieved quite a few milestones that have played a major role in boosting the coin’s global acceptance and reputation.

For instance, LTC has not experienced any downtime since its launch. Moreover, LTC has also crossed the benchmark of transferring over $1 trillion in value, which is undoubtedly a positive sign for the network.

Meanwhile, Litecoin also informed its users about the latest Mimblewimble Extension Blocks (MWEB). It is a privacy-focused decentralized protocol enabling users to conceal transaction data with its confidentiality feature while providing a foundation for other blockchains to improve the usability of their tokens. According to Litecoin, this upgrade has the potential to increase the network’s scalability tenfold.

What to expect from LTC

Notably, Litecoin’s mining industry also registered promising growth over the last few months as its hashrate continued to increase after the Ethereum Merge.

LTC’s hash rate was 589.035 thash/s at the time of writing. 

That said, a look at Santiment’s data revealed that the upcoming year might be favorable for LTC holders as some of the on-chain metrics looked promising.

For instance, over the last three months, LTC’s daily active addresses were pretty consistent, indicating users’ reliability and trust in LTC.

In fact, the coin’s social volume went up lately, suggesting higher popularity.

Source: Santiment

Litecoin’s MVRV Ratio also registered an increase in the last few weeks, which too was a good sign. However, despite several optimistic updates, LTC’s development activity chose a southward path, which might be a little concerning for the long-term holders.

Source: Santiment

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.