Litecoin (LTC) maintained its position as the most preferred cryptocurrency for payments in March, surpassing well-known assets like Bitcoin (BTC). According to BitPay, LTC accounted for 39% of global payments in March, continuing its dominance streak for the third consecutive month in 2024. Despite a slight decrease from February, LTC still outperformed other major cryptocurrencies in terms of transactions.
While LTC excelled in payment transactions, there was a growing trend of long-term holding among users, with the number of long-term holders (LTH) of Litecoin surpassing 5 million. This cohort of users, holding the coin for at least a year, made up more than 62% of all Litecoin addresses with a balance. Despite the popularity of HODLing, LTC’s price remained stagnant on the charts, trading at $97, significantly lower than its all-time high of $412 in May 2021, leading holders to anticipate a price recovery.
Over the past month, LTC experienced sideways movement in the market, resulting in a 13% decrease in speculative investments. This lack of price movement affected the Open Interest of Litecoin futures, showcasing a decline due to the coin’s stagnant performance. Despite its dominance in payment transactions, LTC’s price struggles and the decrease in speculative market investments raise concerns regarding its short-term profitability.
