Litecoin(LTC) outshines Bitcoin and Ethereum in this key metric

Litecoin (LTC) emerged as the most utilized digital coin for payments, outshining Bitcoin and Ethereum for the second successive month. BitPay, the world’s leading crypto payment processor, revealed that traders preferred LTC to complete digital payments as BTC and ETH maintained high transaction fees in 2023.

BitPay users favored LTC by 38.25% in December, outshining Bitcoin and Ethereum’s 23.24% & 10.45%, respectively. Also, Litecoin dominated the platform’s payments in November 2023 by 34.52%, higher than BTC’s 30.55%.

Enthusiasts used Litecoin to buy goods & services compared to Bitcoin and Ether combined. That underscores LTC’s increasing use cases and acceptance.

Other cryptocurrencies that BitPay users utilized most in transactions through December 2023 include Dogecoin (7.38%), Bitcoin Cash (6.18%), Polygon (5.09%), and Circle USD (2.07%).

Network activity as a catalyst

Litecoin’s impressive figures in the crypto payment sector surfaced amid heightened network activity amid increased profitability. Glassnode data shows LTC’s transaction count attained all-time highs on December 20. The metric hit 1.27M, smashing all previous records with a number that more than doubled BTC’s transaction tally.

Also, the US dollar value of the tokens transacted on the Litecoin blockchain averaged around $2.7B in December, the highest figure since July 2023.

BitPay transaction data

BitPay remains a significant player in the cryptocurrency world. Data shows the crypto payments network processed around 390,401 transactions in the past six months. Meanwhile, 19,850, out of the 51,896 crypto transactions processed in December, used Litecoin.

Litecoin seems a more efficient alternative in the crypto payments space, potentially due to Bitcoin’s weaknesses as a mode of exchange.