50 million merchants accept Litecoin payments driving massive spike in on-chain activity
- World's largest and most well-known brands are tapping into the growing cryptocurrency market through Bitpay's partnership with Verifone.
- Spike in Litecoin payments is driving altcoin's on-chain activity higher.
- Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours.
- Institutional investors have historically favored altcoins that have been around for over four years, like Ethereum and Litecoin.
Litecoin on-chain activity exploded with a rise in payments on the network. The altcoin currently ranks in the top 20 cryptocurrencies based on market capitalization.
The adoption of Litecoin payments is on the rise
BitPay, a Bitcoin service provider and Verifone have partnered to drive the adoption of digital payments through Litecoin. Verifone, an American multinational firm, works with over 600,000 merchants and manages over $10.4 billion in transactions online. In-store transactions of Verifone exceed $440 billion.
The firm's merchant base has offered Litecoin exposure to well-known brands looking to tap into the growing cryptocurrency market.
#PaywithLitecoin: Verifone works with more than 600,000 merchants. The company manages more than 10.4 billion online and in-store transactions annually, totaling more than $440 billion. #Litecoin $LTC https://t.co/PZ6NKEStd9
— Litecoin (@litecoin) October 25, 2021
Litecoin has now reached over 50 million merchants worldwide, and there is a massive spike in the on-chain activity of the altcoin. The cryptocurrency has offered the third-highest risk-adjusted returns over the past 24 hours in the ongoing price rally.
Institutional capital inflow is another factor that drives altcoin prices higher. Institutions have favored cryptocurrencies like Ethereum and Litecoin since these assets have been around for over four years.
Advanced crypto custody solutions and crypto asset managers have increased their Litecoin holdings over the past year.
Cryptocurrency analysts have noted the spike in LTC price since September 2021. Technical analyst and cryptocurrency trader @crypto_birb recently tweeted:
$LTC pic.twitter.com/JJToX1wRyk
— CRYPTO₿IRB (@crypto_birb) October 25, 2021
Cryptocurrency analyst and YouTuber at Rockstar Trading was quoted in a recent video,
I think in the upcoming bull run, Litecoin will get a massive pump, and it's seriously undervalued.
Recently, the Litecoin Network celebrated its tenth anniversary; the network first went live in October 2011. Since then, LTC adoption has been driving the altcoin's price higher every cycle.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
