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Litecoin Reaches 180 Million Transactions, Bolstered by Bitpay Partnership

EditorVenkatesh Jartarkar
Published 10/10/2023, 02:05 PM

Litecoin, the fifteenth largest cryptocurrency by market capitalization, recently celebrated its 180 millionth transaction, highlighting a surge in its usage and growing acceptance in the market. As of Tuesday, the digital asset holds a market cap of $4.64 billion and is on the brink of celebrating its 12th anniversary.

The Litecoin Foundation has attributed this surge in transaction volumes to the stability and reliability of the network. In particular, the foundation underscored a significant increase in usage through its partnership with Bitpay, which was responsible for nearly one-third of all consumer purchases in September.

This growth trajectory aligns with a broader trend observed in 2022 and 2023, where the network has seen a noticeable upswing in transaction volumes. This trend underscores Litecoin's growing acceptance as a viable digital currency in the market.

In addition to its increasing transaction volume, Litecoin's value proposition was further strengthened following its third halving event in August. This event saw block rewards cut to 6.25 LTC, emphasizing the cryptocurrency's capped supply at 84 million coins. The halving event is a key feature of Litecoin's monetary policy, designed to control inflation and enhance scarcity by reducing the number of new coins generated by the network.

The Litecoin Foundation continues to emphasize the reliability and stability of the network as it approaches its 12th anniversary. The recent milestones and partnerships indicate an optimistic outlook for the cryptocurrency as it continues to cement its position in the digital currency landscape.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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