Litecoin continues to dominate as the most widely used cryptocurrency for transactions, according to the latest data from BitPay for September. In an announcement made on X (Twitter), the Litecoin team highlighted that LTC has held the number one spot for transactions throughout 2024.
The tweet proudly stated, “The streak continues! With the latest stats from @BitPay for September showing #Litecoin is by far the most used cryptocurrency for transactions! $LTC has been #1 all year!”
Litecoin Beats Bitcoin in Most Transactions
The community commented that the reason for the increase in Litecoin transaction usage is its capacity to provide quick payments at incredibly low costs. Compared to other digital currencies, this makes Litecoin a desirable choice for people and companies looking for more affordable means to complete online transactions.
In terms of market performance, Litecoin’s price has seen a modest increase of about 2% in the past 24 hours, now trading at $65.52. Although this rise is small, the growing use of Litecoin for payments signals a potential for further price appreciation over time.
Its global market cap has also risen by 2%, now standing at approximately $4.92 billion. However, the 24-hour trading volume is down by more than 27%, indicating lower trading activity.
Also read
Litecoin Whale Activity Surges Amid Rising Discussion Rate
Litecoin’s Founder Compares Litecoin’s Privacy Feature with That of Bitcoin
Litecoin founder Charlie Lee spoke at the Proof of Work Summit in Frankfurt, Germany. During his appearance, Lee discussed Litecoin’s privacy features, contrasting them with Bitcoin’s transparency.
He highlighted that Bitcoin’s unspent transaction outputs (UTXOs), which underpin its ledger, carry a history of how each transaction was spent. This, Lee argued, diminishes Bitcoin’s fungibility, as not all Bitcoins are considered equal due to their traceable history.
According to Lee, Litecoin provides privacy-enhancing features that guarantee that one LTC is equivalent to another, which is a crucial characteristic for a digital currency. His comments highlight how crucial privacy is becoming to cryptocurrency transactions, particularly as more people start using Litecoin for regular payments.