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- 1 CoinGate processed 88,295 LTC payments in 2022, 9.5% more than in 2021.
- 2 LTC is among the top 4 popular retail payment cryptocurrencies.
The crypto payment processor said Litecoin (LTC) was the second cryptocurrency to be part of their payment system after Bitcoin. Their merchants have accepted LTC payments for goods and services from that day. Moreover, it is the fourth most popular cryptocurrency for online purchasing, and its popularity is strong.
A deep study by CoinGate, a Lithuanian-based fintech company founded in 2014. Share their data highlighting the reasons and effects of Bitcoin’s popularity. It analyzes the performance of 2022 as a payment currency versus last year. Parameters taken into account were payment volume, cart sizes, prominence etc.
Litecoin (LTC) – Popularity
Coingate processed 88,295 LTC payments in 2022; during this period, the cryptocurrency accounted for 9.5% of complete cryptocurrency payments made to CoinGate merchants. In 2021, LTC payments accounted for 14.7% of all orders, while in 2022 managed, 5.5% more orders processed than in 2021. 83,620 orders in 2021.
This caused LTC to be among the Top 4 highly popular retail payment cryptocurrencies. At the same time, Bitcoin remains number 1 for shopping, USDT comes second, followed by Ethereum at number 3.
Notably, the LTC payments have been rising steadily since June 2022. It maxed out in December 2022 at 7,968, an 11.8% rise compared to the mere 6,717 orders it managed in June. Though this was a low point, it has been riding uphill since.
January 2022 saw shoppers spending LTC more frequently, as it was used for goods and services purchasing 8,971 times. During November 2021, users were more active and managed to process 10,657 orders. The biggest cart size was worth 312,89 LTC, while the smallest was just 0,0009 LTC.
Merchants generally convert the crypto payment received into fiat currencies, majorly Euros. In 2021, 54% of merchants converted their LTCs to fiat; this rose to 70% in 2022, a 16% hike. While remaining merchants converted to different currencies or kept them as it is.
Moreover, 67% of all crypto orders were converted to fiat currencies; this number was 54% in 2021 and 53% in 2020. This clears the notion that merchants are thrusting fiat currencies more than cryptocurrencies probability due to recent events in the industry.
A web hosting company called Hostinger managed to lead with 17% of total LTC payments made to merchants via the company. Meaning that 15,000 different LTC orders were made.
People’s Love for Litecoin (LTC)
LTC was founded in 2021 and is portrayed as Bitcoin’s lighter version. Now after more than a decade, the coin has met its goals. The increasing wallet counts can be considered valid proof of the same.
Probable reasons could be low transaction fees, irrespective of payment size. Right now, the average transaction cost is nearly $0.0070 per transaction. It only takes about 2.5 minutes to mine a transaction block, which is 10 minutes for Bitcoin. These two reasons are enough to support its popularity.
At the time of writing, LTC was trading at $97.24, dropping 0.67%. Its value against Bitcoin rose by 0.94% to 0.004145 BTC, its market cap dropped by 0.66% to $7 billion, and its volume suffered by 15.91% to $453 million. Ranking at number 13, it enjoys the market dominance of 0.66%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
