Litecoin outranks Dogecoin as payment token, but price remains down
On days like this when the market is down, investors tend to focus on other growth performance that showcases which protocol has positive fundamentals and which does not. In the case of Litecoin, this metric is the transaction count on the network, and as the protocol revealed, it ranked ahead of top cryptocurrencies like Dogecoin (DOGE) over the past six months.
Litecoin transactions on the world’s largest cryptocurrency payment processor have grown to make $LTC by far one of the most consistently transacted crypto this month and every month. #Litecoin & @BitPay making it easier to #PaywithLitecoin pic.twitter.com/uCvcQRqSCQ
— Litecoin (@litecoin) March 9, 2023
According to data shared by the protocol, only Bitcoin (BTC) ranked higher within the said time frame, and the protocol recorded more transaction counts than Ethereum (ETH), Dogecoin, USDC stablecoin, Bitcoin Cash (BCH) and Polygon (MATIC).
Litecoin was designed as a payment protocol, and it has served this purpose well since its inception. On BitPay, one of the largest payment processors in the Web3.0 world, Litecoin was responsible for 23.71% of total transactions conducted in February. Only Bitcoin, with 44.98%, exceeded the digital currency for the month, and Dogecoin got a meager 5.45%.
Typically, crypto users depend on durable digital currencies for their payment transactions, and while other coins have their strengths, Litecoin has been proven to excel as a payment token over time.
Impact on price
The current outlook of Litecoin, per its transaction count, is not impacting its price, as there are a lot of sell-offs ongoing in the industry today. Litecoin is changing hands at a spot price of $69.52, down 16.36% at the time of writing and by more than 21% over the past week.
Despite this apparent gloom, the cryptocurrency is projected to record more massive price growth over time, especially with its upcoming halving less than 150 days away. The cryptocurrency has an impressive price action, and with its growing adoption for payments, the expectation is that more accumulation will be recorded, which will also translate to high price growth over time.