Litecoin Payment Demand Surges, Outperforming Bitcoin by 130%

• BitPay has seen greater demand for Litecoin payments in the last few months, processing over 200,000 LTC transactions worth more than $35 million
• LTC is currently among the top performing crypto assets, up 40% in the second half of 2022 and outperforming BTC by 130% in the same period
• Litecoin now does 27% of all payments on BitPay, second only to Bitcoin which still contributes nearly 41% of the total payments

As the crypto space continues to grow in popularity, one altcoin has recently grabbed the attention of investors worldwide – Litecoin (LTC). Over the last six months, LTC has shown great strength and has become the preferred payment network among crypto enthusiasts.

Crypto processing firm BitPay has reported seeing a surge in demand for LTC payments, integrating them onto its platform in July 2021. Since then, it has processed over 200,000 transactions, valued at more than $35 million across its merchant networks. Currently, Litecoin makes up 27 percent of all crypto payments on BitPay, second only to Bitcoin which contributes nearly 41 percent.

The LTC price has also been on the rise, increasing by 40 percent in the second half of 2022 and outperforming Bitcoin by 130 percent in the same period. This indicates that Litecoin is becoming more popular for everyday purchases and retail transactions.

Speaking to PYMNTS, Stephen Pair, the CEO of BitPay, said: “Most merchants would like to take all payment methods. The [litecoin] community has been really supportive, they’re buying everything with it. They really pay attention to the merchants on our platform and tend to become patrons of those companies. Litecoin bills itself as the silver to bitcoin’s gold, and they’ve always been about faster payments and lower fees.”

In addition, Litecoin has never been down in its 11 years of existence, making it a dependable choice for crypto payments. The increase in demand for Litecoin has made it a more viable option for online transactions, and it looks set to continue increasing in popularity in the crypto space.