- LTC’s share of global payments in March was 39%, followed by Bitcoin at 25%.
- LTC growth stalled last month, causing a decline in open interest.
litecoin [LTC] It was the most preferred cryptocurrency for payments in March, outperforming all major assets including Bitcoin. [BTC].
Litecoin extends winning streak
Tracked by the world’s largest cryptocurrency payment service provider bit payLTC’s share of global payments stood at 39% in March, down from 41% in February.
That being said, digital silver has always been at the top of the charts, with March marking the third consecutive month at the top in 2024.
Source: BitPay
It is worth noting that LTC recorded more transactions than BTC and Ethereum [ETH] Together, they are arguably the two most famous cryptocurrencies in the world today.
HODLing also attracts attention
While LTC was gaining importance as a payment method, another group of users sought to extract value by HODLing LTC for an extended period of time.
The number of Litecoin long-term holders (LTH) has surged to over 5 million, according to on-chain analytics firm IntoTheBlock. LTH here is a user who has owned the coin for at least one year.
Interestingly, the LTH cohort comprises over 62% of all Litecoin addresses on balance, suggesting a strong HODL trend in the ecosystem.
Source: Into the Block
LTC remains cold on price chart
Well, one of the factors behind a long HODL could be the low return from the coin since its initial acquisition. According to , the cryptocurrency is currently trading at $97, 76% lower than its May 2021 all-time high (ATH) of $412. coin market cap.
In fact, LTC was trading cheaper than it was at the beginning of 2022, prompting holders to wait until prices recover.
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LTC has been sideways over the last month, with little benefit to traders on either side.
As a result, funds invested in speculative markets have declined by nearly 13% since the beginning of the month, according to an AMBCrypto analysis of Coinglass data.
Source: Coinglass
