Litecoin (LTC) Ranks Next to Bitcoin (BTC) With 34% Increase in Transactions

• LTC crypto payments increased by 34% on BitPay records.
• Litecoin Halving impacted LTC price with a 5.77% drop in the last 24H.

After the last halving event on Aug 5, 2019, Litcoin Halving happened yesterday (Aug 2, 2023) as per the schedule. The expectation of the halving event kept predominantly to impact the price with a surge yet the result ended up with a drop of 6% in approximation. However, a total number of 2,520,000 blocks has been mined for the third Litecoin Halving resulting in a reduced block reward of about 6.25 LTC.

LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!
$LTC pic.twitter.com/iemCnkPsdu

— Litecoin (@litecoin) August 2, 2023

Over the past week, Litecoin (LTC) dropped by 5.70% even after halving occurred. Currently, the LTC is trading at $86.15 with a fall of 5.77% in the last 24 hours.

On the contrary, CoinMarketCap, the analysis platform records the trading volume of Litecoin with a surge of 15.35% worth $862,766,359 during the time of writing. This shows that investors and traders are rushing to trade LTC as the price drop. On the other hand, LTC transactions are beating the race of crypto payments with the second rank on BitPay, the leading crypto payment service provider.

Is LTC Ahead of BTC on BitPay?

As per the statistics shared by Litecoin on Twitter, it seems bullish over the transactions and the crypto payments happening on BitPay. Compared to the previous month, there is a plunge of 34% in LTC transactions on BitPay.

Litecoin transactions with the world's largest #crypto payments processor @BitPay continue to thrive: Over 34% in $LTC last month!! The race for the most used crypto is neck and neck.
With more and more people choosing to #PayWithLITECOIN pic.twitter.com/5CFLwyT1Sb

— Litecoin (@litecoin) August 2, 2023

Consumers and users have been utilizing crypto payments for a long while. Currently, Bitcoin (BTC) tops amongst the other crypto payments with 36.47% in the month of July on BitPay. With respect to the graph of the last 5 months shared by the Litecoin Team on Twitter, it is noted that BTC has always topped and LTC stayed next to it on BitPay.

Moreover, the payment scale has decreased overall for BTC. Meanwhile, Litecoin gains popularity among the crypto community as the trading kept increasing day by day. Also, the hashtag #PayWithLITECOIN is initiated by the LTC team for crypto payments through BitPay.

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