- LTC’s share of global payments rose from 23% in March to just over 34% at the end of July.
- LTC lost 30% of its value since the beginning of the month.
Litecoin [LTC] was one of the most preferred cryptocurrencies for payments followed by the world’s largest crypto payment processor BitPay. LTC’s share of global payments rose from 23% in March to just over 34% at the end of July, an increase of almost 50%.
Source: BitPay
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Not so long ago, in June, the ‘Digital Silver’ flipped the ‘Digital Gold’ Bitcoin [BTC] to take the numero uno spot for the first time in history. However, LTC’s growth trajectory has remained steady since then, and the company relinquished the first position to BTC.
Litecoin’s growth summer
Much of the growth was driven by the parabolic increase in the number of transactions in the May-June period. According to Glassnode, the number of transactions of LTC reached a level comparable to the daily amount of Bitcoins several times during this phase.
Source: Glassnode
It should be remembered that the demand for Litecoin increased after annoyed users sought cheaper alternatives when Bitcoin transaction fees skyrocketed.
LTC’s charts are still in the red
The month of August, which saw the all-important halving of Litecoin’s block rewards, didn’t go the way most of the token’s fans would have liked. LTC was hit hard by two consecutive bearish phases.
Initially, excitement about Litecoin’s scarcity waned as the token fell 10% within days of the halving. The bigger drop came during the Bitcoin-led market carnage, when the token fell 24%, as shown by CurrencyMarketCap. Overall, LTC lost 30% of its value since the beginning of the month.
Source: CoinMarketCap
Whales began to accumulate
Sensing the impending price drop, the Litecoin whales liquidated their holdings just in time. However, as the market started moving sideways, these big investors started expanding their stacks.
How much are 1,10,100 LTCs worth today?
According to data from Santiment, addresses with between 1,000 and 10,000 tokens have surged over the past week. The cohort with between 10,000 and 100,000 LTCs showed a similar behavior. This indicated that whales were optimistic about a bull run in the near future.
Source: Sentiment
Sentiment around Litecoin, however, remained pessimistic. Weighted sentiment, which is a measure of commentary around the asset, trended negatively.
Source: Sentiment
