The use of Litecoin (LTC) for payments is expanding. In a recent post on X, formerly known as Twitter, the Litecoin Foundation, a nonprofit organisation in charge of managing the growth and maintenance of Litecoin, calls attention to this fact.
Litecoin’s usage on cryptocurrency payment processor BitPay increased by 50% between spring and summer, indicating a rise in its usefulness.
More than 16 cryptocurrencies, including stablecoins, are supported by BitPay. Only Bitcoin trails Litecoin in popularity as a preferred cryptocurrency for transactions.
LTC made up 34.05% of BitPay’s cryptocurrency payment total in July, while Bitcoin made up 36.47%.
As previously mentioned, the Litecoin network has passed 175 million transactions, which is a significant milestone. The fact that last year, in 2022, just 39 million people were born throughout the entire year, indicates a rising tendency. There have been more than 46 million transactions so far this year alone.
Ledger and PayPal teamed together earlier this month to simplify buying cryptocurrencies. By utilising PayPal, customers will be able to purchase cryptocurrencies directly through the Ledger Live app.
As a consequence, Ledger Live software and PayPal were integrated, making it possible for Americans with confirmed PayPal accounts to buy four cryptocurrencies—including Litecoin—directly through Ledger Live without undergoing extra verification.
Litecoin price action
At the time of writing, LTC has increased 0.29% to $65 during the previous 24 hours. The mining incentives for Litecoin were halved on August 2 from 12.5 LTC to 6.25 LTC.
LTC has underperformed despite the bullish halving event, resulting in a negative death cross shape on its chart.
When the daily moving average (MA 50) crosses over the daily moving average (MA 200), it is known as a death cross. A death cross may indicate future sell-offs, although this is most frequently not the case. This is due to the fact that the asset is often oversold by the time the death cross forms and may be due for a recovery.
