- LTC’s share of global payments rose to 34.9% in June from 28.78% in May.
- LTC stormed to a 14-month high earlier in the week on the positive sentiment.
A huge boost for Litecoin [LTC] Ecosystem, LTC became the most used cryptocurrency for payments for the first time in June, outperforming all major assets including Bitcoin [BTC].
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According to data from 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. Silver marginally outperformed gold as Bitcoin’s share fell from 36.39% to 34.06%.
Source: BitPay
In response to this significant development, Litecoin creator Charlie Lee noted:
“Tbh I wasn’t sure if we would see that day but it happened! Litecoin payments on BitPay even outperformed Bitcoin.”
LTC flexes its muscles
LTC has been building strong momentum as the much-anticipated halving is imminent. With a market valuation of more than $2 billion, it was one of the biggest fortune gainers over the past month. The bullish sentiment saw the coin storm to a 14-month high of $113 earlier in the week, according to CoinMarketCap.
It is worth noting that the total number of LTC transactions increased significantly in June, reaching levels comparable to Bitcoin’s daily count in several cases, according to Glassnode.
Litecoin’s demand for facilitating transactions has surged since May, when users, weighed down by Bitcoin’s high transaction fees, decided to switch to cheaper alternatives.
Source: Glassnode
Large addresses offload 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 1,000 to 10,000 coins categorized as small whales has decreased significantly over the past week.
A similar case occurred with the cohort holding between 100,000 and 1 million BTCs.
This was also illustrated by the decline in the Mean Coin Age indicator. Therefore, there has been increased movement of LTC between addresses.
Source: Santiment
How much are 1.10.100 LTCs worth today?
However, with the upcoming halving less than a month away, whales would be looking to reconsider their marketing strategies. Historically, LTC prices have surged both before and after the halving.
Therefore, it will not be surprising if these addresses start accumulating LTC coins in the run-up to the event.
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