- The altcoin positioned itself as one of the most used tokens for the use of online purchases during the past year.
- According to CoinGate, LTC was the fourth most used cryptocurrency as a payment option for online purchases.
- Thus, Litecoin is only behind Bitcoin, the stablecoin USDT and Ethereum.
Litecoin (LTC) ranked as one of the cryptocurrencies preferred by merchants since it was one of the most used tokens to make online purchases during 2022.
According to data revealed by crypto payment processor CoinGate, Litecoin was the fourth most used cryptocurrency as a payment option for online purchases.
LTC registered 88,295 operations which is equivalent to 9.5% of the total crypto payments during 2022. The altcoin was only behind Bitcoin, the USDT stablecoin, and Ethereum.
The report highlights that the use of Litecoin for online payments had an increase of 6% from 2021 to 2022, and that it was used mostly to pay for goods and services.
CoinGate attributed the success of Litecoin as a payment option due to its speed and low network fees.
“First, Litecoin’s transaction fees are low, making it a decent coin for online purchases, no matter the size of the payment. Currently, the average transaction cost is around just $0.0070 per transaction. Second, Litecoin is fast, with miners taking just 2.5 minutes to mine a block of transactions, compared to 10 minutes on the Bitcoin blockchain.”
CoinGate.
At the time of writing, Litecoin was up 2.7% in the last 24 hours trading at almost $98. In addition, it again exceeded 7,000 million dollars in market capitalization, placing it in 13th place in the world ranking.
