Litecoin has emerged as the leading cryptocurrency for payments on the crypto platform BitPay, surpassing Bitcoin in popularity for transactions.

Litecoin Surpasses Bitcoin in Crypto Payments

In a recent announcement on X (formerly Twitter), the Litecoin team revealed that LTC is now the top cryptocurrency used for payments on BitPay. A shared chart showed that Litecoin accounted for 41.38% of payments on BitPay, nearly double Bitcoin's 21.55%. Ethereum and Dogecoin followed with 10.37% and 5.86%, respectively, with other cryptocurrencies like Polygon, Bitcoin Cash, and USDC trailing behind.

Reasons for Litecoin's Dominance

Litecoin's rise as the preferred payment option is attributed to its faster transaction times and lower fees compared to Bitcoin. According to CoinGecko, Litecoin's average transaction fee is $0.04, significantly lower than Bitcoin's $7.60. Additionally, Litecoin can handle up to 56 transactions per second, much higher than Bitcoin's capacity of around seven transactions per second.

Technological Advantages

BitPay highlighted Litecoin's use of the Scrypt algorithm, which is less resource-intensive than Bitcoin's SHA-256 algorithm, allowing LTC to process transactions up to four times faster. A new Litecoin block is created every 2.5 minutes, compared to Bitcoin's 10-minute block time.

Litecoin's Price Performance

Despite Bitcoin's higher market value, Litecoin has shown modest gains. As of the latest data, Bitcoin's price dropped 1.91% to $61,037, while Litecoin's price increased by 1.91% to $81.75, with a 6.17% surge in trading volume to over $354 million.

Overall, Litecoin's efficiency and lower costs have made it a more attractive option for users on BitPay, contributing to its leading position in crypto payments.