Litecoin secures its position as the leading cryptocurrency for transactions, according to the latest data from BitPay. As of September 2024, Litecoin accounts for 37.24% of all cryptocurrency transactions processed by BitPay. This helped maintain its dominance for the tenth consecutive month.
The closest rival, bitcoin, commands only 25.8 percent of total traffic. Ethereum also sticks to a leading position taking 10.23% of transactions. Some of the other coins such as Bitcoin Cash, Doge, and XRP are generally holding smaller portions.
Market Cools Down as Grayscale Ramps Up Litecoin Holdings
Litecoin (LTC) currently trades at around $64.23, with a daily increase of 2.05%, and Trading volume has also decreased by 21.75%.
Coinglass reveals the decline across derivative trading volumes over the past 24 hours highlighting a decrease of 36.22%. Furthermore, Open Interest stood at 1.31% down for the traders which shows a reduced activity level in the trading domain.
The long/short ratio, standing at 0.9608, indicates a mild bearish sentiment in the broader market. However, an interesting contrast appears on Binance, where the ratio climbs to a bullish 2.4106.
Data from Coinglass reveals that Grayscale, a leading digital currency asset manager, has increased its holdings in Litecoin, now possessing 1.75 million coins.
As of October 4, 2024, active addresses have surged to 543,327, marking a three-month high and surpassing the previous peak in July.
Why Users Prefer LTC for Transactions
Litecoin’s structure allows for a block generation every 2.5 minutes, compared to Bitcoin’s 10-minute interval, providing faster transaction confirmations.
Moreover, Litecoin supports a coin limit that is four times that of Bitcoin, facilitating not just higher transaction volume but also ease of acquisition.
Another distinctive aspect of Litecoin is its use of the Scrypt hashing algorithm in its proof-of-work (PoW) process, which demands more processing power than Bitcoin’s SHA-256 algorithm.
In conclusion, while Litecoin continues to lead as the top choice for crypto payments, the mixed signals from the derivative markets warrant a careful approach. Traders and investors should use the comprehensive market data available to inform their strategies in this fluctuating crypto environment.
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