Bitcoin (btc) and Ethereum (ETH) transaction fees increased in 2023 and continue at higher levels. Faced with costly transaction costs, people began to look for more efficient solutions. CRYPTOCURRENCIES to use as payment, such as Litecoin (LTC).
In this context, the monthly payment data by one of the greatest cryptocurrency The BitPay payment service is proof of this phenomenon.
Notably, platform users favored Litecoin by 38.25% in December, outperforming Bitcoin (23.24%) and Ethereum (10.45%). This trend began in November 2023, when LTC dominated 34.52% of BitPay payments, compared to 30.55% using BTC.
Furthermore, Dogecoin (DOGE) ranked fourth with 7.38% of BitPay user transactions in December 2023. Closely followed by Bitcoin Cash (BCH), with 6.18%; Polygon (MATIC), with 5.09%; and circulate USD (USDC), with 2.07%.
Relevance of BitPay in cryptocurrency payments
"BitPay is the world's leading crypto payment processor."
โBitPay
BitPay's relevance is notable: 390,401 crypto transactions are reported to have been processed in the last six months. In December, the platform processed 51,896 cryptocurrency payments, of which 19,850 used Litecoin.
More data on Litecoin, Bitcoin and Ethereum payments
โLitecoin is the most used cryptocurrency for transactionsโ
โBitPay
Curiously, data of bit information graphics, Retrieved by Finbold on January 6, it shows a similar dominance for Litecoin transactions.
Notably, the Litecoin network sent $1.23 billion in 525,888 transactions in the last 24 hours. This amount represents 25.28% of LTC's market capitalization, according to BitInfoCharts.
On the other hand, Bitcoin sent $15.88 billion in 418,600 transactions, representing 1.86% of its capitalization. Meanwhile, Ethereum volume was less than $3 billion, representing less than 1% of its market capitalization. However, the number of transactions on the Ethereum network exceeded one million daily.
Finally, Litecoin began to gain prominence in the field of cryptocurrency payments. This is primarily due to Bitcoin's inefficiencies as a medium of exchange, and users migrating to more efficient alternatives.
