Litecoin’s surge in demand for payment solutions has not gone unnoticed. Following the increase in April, Litecoin’s ratio against Bitcoin on BitPay escalated to nearly 2:1, a record level. This high demand is also evident in the on-chain coin pace data, which supports sustainable and organic growth.
LTC and Bitcoin Comparison
Particularly on May 8, data provided by BitPay showed that Litecoin facilitated approximately twice as many payments as Bitcoin. Last month, more than 50,000 transactions occurred on BitPay.
Specifically, about 22,345 of these payments used Litecoin, which, when considering other cryptocurrencies, accounted for an overwhelming 41.38% of the transactions. For Bitcoin, this number was just over 11,635, making it the second most used payment method at 21.55% of the total.
Considering these figures, the ratio of LTC payments to BTC was 1.92:1, hosting nearly twice the demand.
Notable Decline in Bitcoin Payments
Another notable point is the steady increase in the number of Litecoin payments over the past decade, which also showed a significant correlation with LTC prices.
According to Santiment’s data from May 8, this growth has impacted the market demand for the coin, supporting the prices.
Meanwhile, the number of Bitcoin payments has shown slower growth over the years and has even declined recently. A similar situation last occurred in 2021 during a network fee increase. This time, the decline followed after BTC’s average transaction fees reached record levels of around $100.
Following the increase in Bitcoin fees, the difficulty of making payments became apparent, prompting crypto investors to seek solutions in protocols like Litecoin. On the other hand, alternatives such as zero-fee networks like Nano (XNO), Bitcoin Cash (BCH), Monero (XMR), and Dogecoin (DOGE) are also gaining attention.
