Litecoin (CRYPTO: LTC) remained the most preferred cryptocurrency for payments in April, outperforming all major assets, including its inspiration, Bitcoin (CRYPTO: BTC)
What happened: According to the world’s largest crypto payment service provider, BitPay, Litecoin’s share of global payments exceeded 41% last month, up from 39% in March.
The cryptocurrency created from the hard fork of Bitcoin in 2011, has consistently topped the payments chats, with April marking its fourth straight month of dominance.
In contrast, Bitcoin’s share of payments decreased from 25.32% in March to 21.55% in April.
Why it matters: While Litecoin was originally intended to be a payment method, it has since evolved into a tool for speculation and investment, trading regularly in the market.
Also dubbed the “digital silver” to Bitcoin’s gold, Litecoin has evaded scrutiny from U.S. regulators regarding its status, and many experts believe it to be the only other commodity in the cryptocurrency market apart from Bitcoin.
Despite these fundamental advantages and its impressive run as a digital payments tool, Litecoin’s market valuation remains low vis-à-vis other projects with much less utility. As of this writing, it was the 19th largest cryptocurrency, with a market capitalization of just over $6 billion, according to Benzinga Pro.
Litecoin’s Network Value-to-Transaction ratio has been on the lower side over the past year, according to on-chain analytics firm Santiment. A low NVT means that an asset is cheaper per unit of on-chain transaction volume, signaling a potentially undervalued asset.
Price Action: Litecoin was exchanging hands at $80.97 at the time of publication, falling marginally by 0.19% in the last 24 hours, according to data from Benzinga Pro. Litecoin was selling 77% lower than its all-time high in May 2021. Read Next: Bitcoin Ethereum, Dogecoin Sink Further As Regulatory Woes Weigh Down Investors: Analyst Says Majority Top Market Cap Cryptos In ‘Slight Buy Zones’
