Litecoin (LTC) is in the spotlight this week, as data from crypto payment processor Bitpay uncovered its dominance over its major rivals, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), among others. He Bit Payment Data shows that Litecoin dominates with 41.76% by its total transaction count, a figure that marks its all-time high score (ATH).
Litecoin (LTC) is in the spotlight this week, as data from crypto payment processor Bitpay uncovered its dominance over its major rivals, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), among others. He Bit Payment Data shows that Litecoin dominates with 41.76% by its total transaction count, a figure that marks its all-time high score (ATH).
One of the main use cases of cryptocurrencies is their function as a payment alternative. Bitpay makes this possible by onboarding merchants or businesses, giving cryptocurrency holders easier access to pay for goods and services. Despite Bitcoin’s popularity and overall market dominance, it only accounts for about 24.36% of the total transaction count, as measured by Bitpay.
Ethereum, known for its robust decentralized finance (DeFi) ecosystem, recorded a dominance of 9.05%, while pioneering meme coin protocol Dogecoin (DOGE) saw its dominance pegged at 6.8%. Other digital coins profiled include Polygon (MATIC) with a 5.06% dominance, Bitcoin Cash (BCH) with 5.59%, and USDC with the lowest cut at 3.69%.
While Litecoin has been a loser for some time and its ranking has fallen further as newer protocols take center stage, the protocol sees this payments dominance as a major milestone that could help refocus attention on what it has to offer.
Litecoin Price Outlook
Litecoin is one of the pioneer coins and has been one of the top-ranked digital currencies for a long time. However, it has lost its luster since failing to innovate as well as its peers in the industry.
At the time of writing, Litecoin is changing hands for $87.75, up 2.07% in the last 24 hours. Litecoin has failed to capitalize on the Bitcoin-fueled rally since the beginning of this year. Year-to-date (YTD), Litecoin has only managed to skyrocket 19.71% compared to Bitcoin’s 58%.
Litecoin could capitalize on renewed interest in LTC as a payment currency and its growing number of transactions in hopes of reviving its growth momentum following its last halving event in August 2023.
