- LTC’s share of global payments rose to 34.9% in June from 28.78% in May.
- Building on the positive sentiment, LTC stormed to a 14-month high earlier this week.
In a huge boost for the Litecoin [LTC] ecosystem, LTC became the most used crypto for payments for the first time in June, outperforming all major assets including Bitcoin [BTC].
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As tracked by the world’s largest payment processor BitPay, LTC’s share of global payments rose to 34.9% in June, up sharply from 28.78% in May. In the process, “silver” marginally outperformed “gold” as Bitcoin’s share fell from 36.39% to 34.06%.
Source: BitPay
In response to this important development, the creator of Litecoin, Charlie Leenoticed,
“Tbh, I wasn’t sure if we were going to see this day, but it happened! Litecoin payments on BitPay even surpassed Bitcoin.”
LTC flexors
LTC has built strong momentum as widely expected halving event is just around the corner. It was one of them toppers in the past month under assets, with a market valuation of more than $2 billion. Building on the positive sentiment, the coin stormed to a 14-month high of $113 earlier this week, according to CoinMarketCap.
It was worth noting that LTC’s total number of transactions increased significantly in June, reaching levels similar to Bitcoin’s daily count in several cases, according to Glassnode.
Litecoin’s demand for facilitating transactions has grown strongly since May, when users bogged down by huge transaction fees on Bitcoin chose to switch to cheaper alternatives.
Source: Glassnode
Large addresses are discharged en masse
LTC whales succumbed to the urge to lock in profits and sold much of their holdings. According to Santiment, the number of addresses with between 1,000 and 10,000 coins categorized as small whales has dropped significantly over the past week.
A similar case occurred with the cohort holding between 100,000 and 1 million BTCs.
This was also demonstrated by the drop-offs in the Mean Coin Age indicator. So there was more movement of LTC between addresses.
Source: Sentiment
How much are 1,10,100 LTCs worth today?
However, with the upcoming halving event less than a month away, whales may want to rethink their marketing strategies. Historically, LTC prices have surged both before and after the halving.
So it shouldn’t be a surprise if these addresses start piling up LTC coins in the lead up to the event.
