Litecoin, crypto’s digital silver, is becoming more popular as a payment method. Furthermore, LTC’s on-chain activity appears to be quite healthy.
Litecoin has gained significant traction as the coin of choice for purchases, according to a recent BitPay report. Litecoin payments have increased at leading electronics, video game, gold and jewelry, and other e-commerce websites.
Furthermore, monthly Litecoin payments have increased 109% in the last year, according to the report. LTC accounts for 27.6% of all payments on the platform, with BTC ranking first at 41.6%.
According to the firm, Litecoin payments are most common in North America. However, there has been impressive growth in the EMEA, Asia Pacific, and Latin America regions globally. BitPay is a leading cryptocurrency payment processor.
BitPay has processed over 180,000 payments made with Litecoin since mid-2021, totaling more than $30 million in sales.
The total number of addresses on the Litecoin network has reached an all-time high of 165.5 million, according to Glassnode. Furthermore, the network processes approximately 100,000 transactions per day. Over the last two years, the number of daily transactions has more than doubled.
Last week, the Litecoin network hash rate reached an all-time high of 615 TH/s (terahashes per second), and it is still close to that level.
The increase in on-chain activity and overall network health could herald an increase in LTC prices.
Furthermore, the Litecoin halving is usually positive for market activity. The block reward cut, on the other hand, is not expected until early August 2023.
At the time of writing, LTC is down 3.9% on the day, trading at $75.09. Furthermore, the silver to Bitcoin’s gold ratio has had a stellar month, increasing by nearly 33%.
Since climbing on Nov. 22, the asset has remained in a range-bound channel. Nonetheless, it has dropped significantly since its all-time high of $410 in May 2021, falling nearly 82% since then.
The 24-hour trading volume has been around $670 million. Analysts predict a short-term drop back to the $70 range.
With a market capitalization of $5.4 billion, Litecoin is ranked 14th, just below the OKX exchange token, OKB.