Where Litecoin Price Goes After LTC Dominates Crypto Payment Processor BitPay Transactions

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Litecoin transactions with the world’s largest crypto processor, BitPay, soared 27.6%. Litecoin was second to Bitcoin in transaction volume according to BitPay statistics, LTC outperformed other cryptocurrencies after FTX collapsed. Analysts’ outlook for Litecoin remains optimistic with a target of $101.50 before the end of 2022.

The number of Litecoin transactions is exploding on the world’s largest crypto payment processor, BitPay. The altcoin outperformed other cryptocurrencies following the collapse of the FTX exchange and ranks second behind BTC in number of transactions according to BitPay statistics.

Also Read: Bitcoin Dominance Stalls After FTX Bankruptcy as Investors Pull Out of BTC

Litecoin Beats Other Altcoins to Rank Second in Number of BitPay Transactions

Litecoin, the 13th largest crypto by market capitalization, has seen a massive increase in its number of transactions on payment processor BitPay. One of the largest crypto payment processors in the world, BitPay has released its statistics for the last six months.

Based on data from the crypto payment provider, Litecoin ranks second behind Bitcoin in number of transactions.

Number of transactions for the last six months on BitPay

Litecoin ranks first among all other cryptocurrencies without Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), USD Coin (USDC), and XRP. The growing popularity of Litecoin is coupled with higher accumulation of the altcoin by large wallet investors in the network.

Whale recovers $65.5 million in Litecoins from Binance

According to data from a large portfolio tracking service Whale Alert, there have been two large LTC transfers recently. The former was worth $5.8 million in LTC and the latter was worth $59.8 million. Find the details of the second transaction below:

$59.8 million in Litecoin transferred by a whale

Both transfers have the same send and receive addresses, implying that the same large portfolio investor made both transfers. FX outflows are considered bullish for the assets. The Litecoin FX exit is therefore a bullish indicator for the asset.

The price of Litecoin could soon explode

Litecoin has posted gains of 11.5% over the past month, outperforming other altcoins after the FTX exchange crashed. Based on the chart below, the 200-day exponential moving average (EMA) at $68.89 and the 50-day EMA at $67.44 serve as support for the altcoin.

Litecoin price is likely to face resistance at $85.03 in its uptrend and the target for the altcoin is $101.50.

LTC/USDT Price Chart

A drop below the support at $68.89 could invalidate the bullish thesis for the altcoin.

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