Litecoin (LTC) has witnessed a staggering increase of over 34% in transactions over the past month due to its integration with the world’s largest crypto payments processor, BitPay. The surge in LTC transactions is propelling the ongoing competition for supremacy in the world of digital currency payments as more individuals opt to #PayWithLITECOIN.
BitPay CEO Stephen Pair lauded the adoption of LTC as a viable payment method, highlighting that both Litecoin and Bitcoin Lightning payments have achieved unprecedented success in recent times on the global payments platform.
BitPay has emerged as a significant player in this landscape, processing a substantial total of 57,949 crypto-related transactions over the past 30 days alone, further underlining the surging popularity of digital currency transactions.
Presently, LTC stands as the 12th-largest cryptocurrency by market capitalization, boasting a valuation of $6.8 billion. Its daily trading volume has reached approximately $1.14 billion, underscoring the substantial trading activity surrounding the cryptocurrency. The circulating supply of Litecoin currently sits at 73.5 million LTC out of a total maximum supply of 84 million.
Meanwhile, Coinbase International Exchange has made a strategic move by incorporating support for LTC-PERP perpetual future contracts. This noteworthy expansion diversifies the trading options available on the Coinbase platform, opening up new avenues for investors seeking exposure to LTC-related derivatives.
Litecoin’s Successful Halving Event
The excitement surrounding LTC’s progress extends beyond transaction figures. A significant milestone in LTC’s journey was reached with the successful completion of its halving event. As of August 2nd, the LTC blockchain executed its automated halving process at block 2,520,000.
This pivotal event has led to a reduction in block rewards, with miners now receiving 6.25 LTCs per block. This halving has effectively reset the clock for the subsequent halving, anticipated to occur in approximately four years.
Notably, there have been variations in the countdown timers for Litecoin’s halving, with some discrepancies between sources. LTC founder Charlie Lee weighed in on the matter, suggesting that the countdown timer provided by NiceHash was the most accurate. Despite these variations, consensus was ultimately achieved on an August 2nd date for the halving event.
However, it’s worth mentioning that LTC’s price trajectory has faced some headwinds. Following an early July peak at a value of over $110, LTC prices have exhibited a downward trend. As of the present moment, Litecoin’s value hovers around the $92 mark, reflecting a decline from the previous fortnight.
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