Litecoin has risen to prominence as the preferred cryptocurrency for transactions on the Bitpay crypto payments platform, surpassing Bitcoin in adoption among users.
Litecoin Outpaces Bitcoin In Crypto Transactions
In a recent post on X (formerly Twitter), the Litecoin team announced that LTC has emerged as the leading cryptocurrency for payments on BitPay. They shared a graphical representation illustrating the top seven preferred crypto payment options on the platform.
Litecoin took the lead with a notable 41.38% in BitPay's payment count, surpassing Bitcoin, which ranked second with 21.55%. Following behind were Ethereum and Dogecoin with 10.37% and 5.86% respectively, with other cryptocurrencies like Polygon, Bitcoin Cash, and Circle’s USDC trailing behind.
The Litecoin team revealed that LTC has maintained its position as the top crypto payment option for BitPay throughout the year. This rise in prominence may not be unexpected for some crypto enthusiasts, given Litecoin's faster transaction times and lower fees compared to Bitcoin.
According to CoinGecko, Litecoin excels over Bitcoin in terms of lower transaction fees, with an average cost of $0.04 compared to Bitcoin's $7.60 on average. Additionally, BitPay disclosed that Litecoin boasts a maximum capacity of 56 transactions per second, significantly higher than Bitcoin's capacity of about seven transactions per second.
BitPay further explained that Litecoin's utilization of a Scrypt algorithm, which is less resource-intensive compared to Bitcoin's SHA-256 algorithm, contributes to its efficiency. This allows LTC to process transactions up to four times faster, with a new block created every 2.5 minutes, compared to Bitcoin's 10 minutes per new block.
In an earlier blog post in 2023, BitPay outlined the major distinctions between Litecoin and Bitcoin, emphasizing the faster transaction time of the Litecoin Network due to the difference in algorithms. The payment platform underscored that Litecoin currently holds a clear advantage over Bitcoin as a "leaner and faster version" of the pioneering cryptocurrency.
LTC Price Finds Only Modest Increases
Considering the price comparison between Litecoin and Bitcoin, Bitcoin maintains a stronger value due to its status as the first cryptocurrency globally and its significant market capitalization exceeding $1.2 trillion.
However, as of the time of writing, Bitcoin has experienced a decrease in its daily trading volume, dropping by 4.39%. The current price of Bitcoin stands at $61,037, representing a 1.91% decline in its value over the past 24 hours, as reported by CoinMarketCap.
In contrast, Litecoin has coincidentally seen an increase by the same percentage, trading at $81.75 with modest gains of 1.91% over the past 24 hours. Additionally, Litecoin's trading volume has surged by 6.17%, reaching over $354 million.
May 2024, Cryptoniteuae