Litecoin (LTC) continues to prove itself as a leader in the cryptocurrency payments space, overtaking major digital assets such as Bitcoin (BTC) and Ethereum (ETH).
According to recent data from BitPay, Litecoin has topped the chart as the top choice for transactions, holding a high share of 37% of all payments made with cryptocurrencies.
The use of cryptocurrencies is increasing because they can be used for fast payments at fairly low prices. This makes it the best option for individual users and businesses looking for a cheaper way to carry out online transactions compared to other currencies.
Litecoin usage compared to other major cryptocurrencies | Source: Litecoin
Meanwhile, Bitcoin has seen its price fall over the past week due to the recent conflict between Iran and Israel. As a result, the total market value decreased by 20% to $30 billion.
Furthermore, according to BitPay data, Bitcoin’s transaction share is only 25.8% of total transactions, followed by Ethereum at just 10.23%.
At the moment, Litecoin price has increased about 2.6% in 24 hours and is currently trading at $64.98. Although this price increase is small, the increased use of Litecoin in payments could result in a larger change in its value over time.
Also read: MoneyGram launches Litecoin trading service for US customers
