Bitpay’s report found that LTC payments have increased significantly in a year.
On-chain metrics and other LTC performance suggested that a promising year could be expected.

Litecoin [LTC] has dominated the crypto space lately by increasing its popularity and adoption on a global scale. Crypto ATM Radar data revealed that Litecoin took second place on the list of the most supported ATM cryptocurrencies.

LTC even left Ethereum behind as the king of altcoins took the third spot on the list. This was indeed an optimistic update for Litecoin holders.

Read Litecoins [LTC] Price prediction 2023-24

Many milestones achieved!

Interestingly, Bitpay recently launched a report that highlighted how LTC was emerging as a preferred payment method around the world. According to the report, total Litecoin payments processed by Bitpay have increased by more than 100% in just one year.

And in November 2022, the figure reached the 24,000 mark. Litecoin payments account for nearly 27% of all payments processed by Bitpay, trailing only Bitcoin, which took the top spot with more than 40% dominance.

Source: Bitpay

Over the years, Litecoin has also achieved many milestones that have played an important role in boosting the currency’s global adoption and reputation.

For example, LTC has experienced no downtime since launch. In addition, LTC has also surpassed the benchmark of transferring over $1 trillion in value, which is undoubtedly a positive sign for the network.

Meanwhile, Litecoin also informed its users about the latest Mimblewimble Extension Blocks (MWEB). It is a privacy-focused decentralized protocol that allows users to hide transaction data with its confidentiality feature, while providing a foundation for other blockchains to improve the usability of their tokens. According to Litecoin, this upgrade has the potential to increase the scalability of the network tenfold.

What to expect from LTC

In particular, the Litecoin mining industry also registered promising growth in recent months as the hashrate continued to increase following the Ethereum Merge.

LTC’s hash rate was 589,035 thash/s at the time of writing.

That said, a look at Santiment’s data showed that the year ahead could be favorable for LTC holders as some on-chain metrics looked promising.

For example, LTC’s daily active addresses have been quite consistent over the past three months, indicating the reliability and trust of users in LTC.

The social volume of the coin has actually increased recently, indicating greater popularity.

Source: Sentiment

Litecoin’s MVRV ratio also registered an increase in recent weeks, which was also a good sign. However, despite several optimistic updates, LTC’s development activity took a southerly course, which may be a little worrying for long-term holders.

This post Litecoin [LTC] holders can be ecstatic after reading these updates

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