Litecoin fourth most popular crypto for online shopping in 2022
Litecoin (LTC) has emerged as one of the most popular cryptocurrencies for online shopping.
According to research by crypto payment processor Coingate published on March 1, litecoin was the fourth most used crypto as a payment option in online shopping in 2022.
Litecoin used as payment in online shopping
The report showed that in 2022, litecoin registered 88,295 LTC-involved orders or 9.5% of total cryptocurrency payments handled through CoinGate.
Moreover, the number of litecoin payments for last year recorded a growth of over 6% from 83,620 in 2021.
The report also revealed that January 2022 registered the highest monthly use of LTC in payment of goods and services, with 8,971 orders.
Additionally, the use of litecoin has been rising since June 2022. LTC hit 7,968 in December 2022, a rise of over 11% from June which was the lowest-performing month at 6,717 orders.
A survey by CoinGate showed that crypto payments volume in e-commerce surged by over 60% in 2022.
The top three cryptocurrencies used for online payments are bitcoin, USDT, and ethereum, per the CoinGate report.
Why LTC became popular for online payments
Litecoin is ranked as the 13th cryptocurrency by market cap. It is also the second-oldest cryptocurrency after bitcoin.
The coin’s popularity as an online payment option is attributed to the high network speed and low fees.
Some crypto enthusiasts say litecoin is the lighter version of bitcoin, the maiden cryptocurrency. According to CoinMarketCap, by press time, LTC was trading at $97.80.
Bitcoin remains most popular crypto for online payments
Despite YouTubers claiming that litecoin is better than Bitcoin, the original crypto is still the most preferred coin for online payment of goods and services. BTC was responsible for over 48% of all transactions in 2022.
The coin’s performance, however, declined by 7.6% than what it was in 2021. This suggests that altcoin payments have significantly decreased bitcoin’s dominance in online payments, despite increased transactions.