Where is Litecoin price headed after LTC dominates crypto payment processor BitPay transactions


Share:
  • Litecoin transactions with the world’s largest crypto processor BitPay climbed to 27.6%. 
  • Litecoin was second to Bitcoin in volume of transactions according to BitPay stats, LTC outperformed other cryptocurrencies post the FTX collapse. 
  • Analysts’ outlook on Litecoin remains bullish with a target of $101.50 before the end of 2022. 

Litecoin transaction count explodes on the world’s largest crypto payment processor BitPay. The altcoin outperformed other cryptocurrencies in the aftermath of FTX exchange collapse and ranks second to BTC in transaction count according to BitPay statistics. 

Also read: Bitcoin dominance stagnates after FTX bankruptcy as investors pull out of BTC

Litecoin beats other altcoins to rank second in BitPay transaction count

Litecoin, the 13th largest crypto by market capitalization witnessed a massive spike in its transaction count on payment processor BitPay. One of the world’s largest crypto payments processors, BitPay released its statistics for the last six months. 

Based on data from the crypto payment provider, Litecoin ranks second to Bitcoin in transaction count. 

Transaction count for last six months on BitPay

Transaction count for last six months on BitPay 

Litecoin ranks first among all other cryptocurrencies sans Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), USD Coin (USDC) and XRP. Litecoin’s increasing popularity is coupled by higher accumulation of the altcoin by large wallet investors in the network. 

Whale scoops up $65.5 million in Litecoin from Binance

As per data from a large wallet tracker service Whale Alert, there were two large LTC transfers recently. The first accounted for $5.8 million in LTC and the second was worth $59.8 million. Find details of the second transaction below:

$59.8 million in Litecoin transferred by whale

$59.8 million in Litecoin transferred by whale 

Both transfers have the same sending and receiving addresses, implying that the same large wallet investor made both transfers. Exchange outflows are considered bullish for assets. Litecoin’s exchange outflow is therefore a bullish indicator for the asset. 

Litecoin price could breakout soon

Litecoin yielded 11.5% gains over the past month, outperforming other altcoins post the FTX exchange collapse. Based on the chart below, the 200-day Exponential Moving Average (EMA) at $68.89 and 50-day EMA at $67.44 are acting as support for altcoin. 

Litecoin price is likely to face resistance at $85.03 in its uptrend and the target for the altcoin is $101.50. 

LTC/USDT price chart

LTC/USDT price chart 

A decline below support at $68.89 could invalidate the bullish thesis for altcoin. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?

Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?

Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply. 

More Ethereum news

Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off

Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off

Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.

More Decentraland News

Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price

Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price

Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.

More Ethereum News

Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%

Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%

XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.

More Ripple News

Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state. 

Read full analysis

BTC

ETH

XRP