- A Bitpay report revealed that LTC payments have increased significantly in one year.
- On-chain metrics and other LTC performance point to a promising year ahead.
Litecoin [LTC] It has dominated the crypto space in recent times by increasing its popularity and acceptance on a global scale. encrypted ATMs data It revealed that Litecoin ranked second in the list of cryptocurrencies most supported by ATMs.
Even LTC left Ethereum behind as the king of altcoins took the third spot on the list. This was actually an optimistic update for Litecoin owners.
Read Litecoins [LTC] predict the price 2023-24
Many milestones achieved!
Interestingly, Bitpay recently published one a report which highlighted how LTC is rising as the preferred payment method across the world. According to the report, the total Litecoin payments processed by Bitpay have increased by more than 100% in just one year.
And in November 2022, the number reached 24,000. Litecoin payments account for nearly 27% of all payments processed by Bitpay, right behind Bitpay, which took the top spot with over 40% dominance.
Over the years, Litecoin has also achieved quite a few milestones that have played a major role in increasing the currency’s acceptance and reputation on a global level.
For example, LTC has not experienced any downtime since launch. In addition, LTC has also passed the transfer benchmark of more than $1 trillion in value, which is undoubtedly a positive sign for the network.
At the same time, Litecoin also informed its users about the latest Mimblewimble Extension Blocks (MWEB). It is a privacy-focused decentralized protocol that enables users to hide transaction data with its confidentiality feature while providing a basis for other blockchains to improve the usefulness of their tokens. According to Litecoin, this upgrade has the potential to multiply the network’s scalability tenfold.
– litecoin December 15, 2022
What you can expect from LTC
The Litecoin mining industry has also registered promising growth in recent months as the hash rate has continued to increase following the Ethereum merger.
The LTC hash rate is 589.035 thash/si at the time of writing.
However, a look at Santiment’s data revealed that the coming year could be a good one for LTC holders as some on-chain metrics looked promising.
For example, in the past three months, the daily active LTC addresses were quite consistent, indicating the reliability and trust of users in LTC.
In fact, the social volume of the coin has increased recently, which indicates an increase in popularity.
Litecoin’s MVRV has also recorded an increase over the past few weeks, which is also a good sign. However, despite many optimistic updates, LTC development activity has taken a southerly trajectory, which may be a little worrying for long-term equity holders.