Litecoin (LTC) continues to demonstrate that it’s the leader in the cryptocurrency payment sector, outperforming prominent names (like Bitcoin and Ethereum) in transaction volume.
Today, crypto payment processor BitPay released a new data showing that Litecoin has once again emerged as top choice for digital asset transactions, holding a whopping 32% market share of all payments settled in cryptocurrency.
Litecoin popular for crypto payments
According to the metrics, Litecoin has remained as the most broadly utilized digital asset for cryptocurrency payments. It currently controls 32% of all digital asset payment transactions.
In BitPay’s March metrics, Litecoin outperforms notable names like Bitcoin, Ethereum, and others as highlighted below. Its closest rival is Bitcoin (BTC), which scooped the second position with 29.09%. Ethereum (ETH) comes third, accounting for 11.54% of the total transactions. Bitcoin Cash (BCH) took the fourth position with a market share of 7.98%.
Dogecoin (DOGE) settled on the fifth spot with 5.96%. More interestingly, USDC and USDT stablecoins gained spotlight as commonly used digital assets for crypto payments, holding 3.69% and 2.61% each, respectively. Lastly, Polygon (POL) made it to this list with a 2.26% market share.
Litecoin maintains momentum
Over the past one year, Litecoin has retained its top position as the most utilized cryptocurrency for digital asset transactions, according to BitPay’s data. This milestone cements LTC’s rising influence in the cryptocurrency payment sector.
It has established itself as the most preferred alternative for digital asset payments, outperforming dominant tokens. The reason for Litecoin’s dominance is due to its more rapid processing speed and lower gas fees than other digital assets.
This explains why it has become a favourite platform for crypto users engaging in daily transactions. As per the report, disclosed that many digital asset customers have enjoyed using the asset due to its lower gas fees and faster processing settlement. Although BTC and Ether are the largest virtual asset in terms of market valuation, they encounter setbacks associated with exorbitant trading fees and network delays, which typically make them unsuitable for small payments.
Since LTC was designed to settle payments rapidly and cost-effectively, this has enabled it to gain popularity in this sector.
