LTC: 10-year payment count at steady growth

Litecoin (LTC) is one of the most popular cryptocurrencies for payments, evidenced by the steady growth of its 10-year payment count. For this insight, I added a chart with Bitcoin's (BTC) payment count and LTC's price as benchmarks to Litecoin's payment count to highlight the importance of this demand for long-term sustainability and organic growth.

Price (LTC) + Payment Count (LTC + BTC) - Log Scale. Source: Santiment / Vini Barbosa

Notably, Litecoin's payment count has grown steadily over the years, with a suggested correlation to its price in the last 10 years. As of this writing, LTC was trading at $81.62 with 2.78 million on-chain payments made in a week (7-day).

On the other hand, the Bitcoin network confirmed 4.73 million payments in the same seven days, experiencing a significant drop recently.

Interestingly, the Payment Count (LTC) has approached the Payment Count (BTC) throughout the decade, with Bitcoin currently holding a weak 1.7:1 ratio against Litecoin in this metric despite BTC having over 205x more market cap than LTC.

Meanwhile, data from BitPay helps demonstrate the increased popularity of Litecoin payments instead of Bitcoin. In April, LTC held a nearly 2:1 ratio against BTC as the most used cryptocurrency, with a remarkable dominance of 41.38% against Bitcoin's 21.55%.

Payment count by cryptocurrency. Source: BitPay

I believe this trend will become more evident over time, with cryptocurrency payment users steadily migrating to more efficient protocols. Economically speaking, growing demand for using cryptocurrencies as a payment tool could positively affect the exchange rate of these digital assets, as LTC price correlation to the payment count suggests.

Real-time chart by Vini Barbosa (Sanbase Pro)

LTC tip address: ltc1q96tc4phk3z8krnnh2jjt6fm7h9g4pr8p5zjt5s

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