Litecoin has more BitPay payments than Bitcoin. However, the coin’s price has fallen sharply in the past 24 hours.

Litecoin [LTC] is outperforming Bitcoin [BTC] in terms of BitPay payments. This reflects that Litecoin’s adoption is on the rise. There has also been an increase in whale activity around the coin in the last month, which looks promising.

However, LTC’s price has not matched these updates as its weekly and daily charts are painted red. Will the hype surrounding the halving and increased adoption be enough for the coin to increase its value in the coming days?

Litecoin’s situation before halving

According to a tweet from the Litecoin Foundation, LTC is ahead of BTC in BitPay payments. BTC is at 34.6% while LTC is at an impressive 34.9%. This happens just weeks before the upcoming LTC halving. To be precise, the halving is only 23 days away.

Since the halving is approaching, it could help change market sentiment and lead to an increase in the price of the token. However, this does not seem to be the case as the price of LTC has fallen at press time. According to data from CoinMarketCap, the price of LTC has plunged by more than 3% in the past 24 hours and 16% in the past week.

As of this writing, it is trading at $93.66 with a market cap of over $6.8 billion, making it the 11th largest cryptocurrency.

Litecoin’s hashrate has also fallen, reflecting an exodus of miners. Litecoin miner revenue has followed the same trend, also falling.

Is a LTC trend reversal possible?

Despite the downward trend, whale activity around LTC has remained fairly stable. However, aside from that, most indicators are bearish. For instance, its daily active addresses have declined over the past 30 days. Its MVRV ratio has also dropped after increasing. On top of that, negative sentiment around the coin has spiked several times over the past few days.