Litecoin Surges 3% as Grayscale Boosts Holdings and BitPay Recognizes Growing Popularity

Key Takeaways:

• Litecoin (LTC) surged over 3% in the past 24 hours as it gained traction among retail and institutional investments.
• BitPay's “2024 Crypto Champions” report recognizes LTC as a frequently bought cryptocurrency.
• Grayscale's Litecoin holdings have increased, surpassing 1.84 million units.

Litecoin (LTC) has experienced a surge of over 3% in the past 24 hours, making it one of the top gainers in the cryptocurrency market. This increase in LTC price follows similar gains in Aave (AAVE), THORChain (RUNE), and Fantom (FTM), which have also been among the leading altcoins with the most significant gains.

The latest data indicates that LTC has increased by about 10% in the past seven days, reaching a price of $66.40 at the current time. Hedge With Crypto data shows a significant 24-hour trading volume of $401,667,789 since the previous day, with a market capitalization of $4,972,286,795.

Litecoin (LTC) was introduced in 2011 as the second cryptocurrency after Bitcoin. It has become an appealing option for cryptocurrency enthusiasts due to its similarities to Bitcoin (BTC) but with lower transaction costs and higher transaction capacity.

Related: Pepe (PEPE) Catapults to 19th Largest Crypto Surpassing Litecoin

Furthermore, LTC's recent strong performance can be attributed to several factors, including achieving over 1 million transactions in a single day and its growing popularity among cryptocurrency buyers, as highlighted in a recent report by BitPay, the world's leading blockchain payment platform.

Litecoin Recognized in the “2024 Crypto Champions” Report

In an August 14th report titled “2024 Crypto Champions,” BitPay, a crypto payment-processing firm, stated that Bitcoin, Litecoin, and Ethereum are the most frequently bought cryptocurrencies, demonstrating their strong appeal among buyers.

Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) are the most frequently bought cryptocurrencies, showcasing their strong appeal among buyers.

Check out the other categories:https://t.co/6Vn4O0raQI#BitPay #Bitcoin #crypto #BITPAYCRYPTOCHAMPIONS pic.twitter.com/v3ltsttKgT

— BitPay (@BitPay) August 15, 2024

Understandably, Bitcoin and Ethereum are on the list, as they are the two largest cryptocurrencies by market capitalization and two of the most popular coins in the market. However, Litecoin, currently the 19th-largest coin by market capitalization, is on the list, which might be surprising. This prompts investors to delve deeper into why this less-talked-about coin is gaining traction among crypto users.

According to the report, the Crypto Champions series concluded with Bitcoin dominating as expected, claiming nine total medals, including six golds. Ether (ETH) followed with six medals, excelling in the silver and bronze categories. On the other hand, Litecoin made its mark with four medals, including a gold.

It should be noted that stablecoins are also leading the list, with USD Coin (USDC) and Tether (USDT), two of the world's leading U.S. dollar-pegged stablecoins, showcasing their strength with four and three medals, respectively.

Litecoin's Popularity for Everyday Spending

It is worth noting that LTC emerged as the top cryptocurrency for overall transactions, earning the gold medal, followed by BTC and ETH. This indicates their high utility and widespread use in the cryptocurrency ecosystem.

Although LTC did not top the charts for transaction volume and widespread use, it did secure the second spot as one of the most frequently purchased cryptocurrencies, showcasing its appeal among crypto buyers.

While it was not among the most frequently bought cryptocurrencies overall, Litecoin ranked as the second-most popular choice for purchasing gift cards, highlighting its popularity for everyday spending.

Furthermore, Litecoin appears to be gaining increased popularity among institutional investors. CoinGlass data shows Grayscale's total Litecoin holdings have significantly increased, reaching over 1.84 million units of Litecoin tokens, currently valued at around $122 million.