Revealed: Top 3 cryptocurrencies leading payments in Q2
The post Revealed: Top 3 cryptocurrencies leading payments in Q2 appeared on BitcoinEthereumNews.com.
Cryptocurrency payments and utility are again getting the spotlight as cryptocurrencies get mainstream attention with Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) and growing political relevance in the U.S. presidential elections. According to CoinGate‘s crypto payments report published on July 25, three cryptocurrencies gained prominence in 2024 Q2. Notably, Solana (SOL) has seen “immediate popularity” since integration, while Litecoin (LTC) and Shiba Inu (SHIB) have experienced remarkable growth. Nevertheless, Tether USD stablecoin (USDT) continues to lead payment preferences, primarily on the Tron (TRX) network. Bitcoin is the second-most-used cryptocurrency on CoinGate, with significant growth for payments using the Lightning Network. As reported, users seem to favor the most efficient payment methods, given the rising popularity of faster and cheaper networks. For this study, CoinGate considered 404,674 orders made in 2024’s second quarter – a 25% increase from last year. General Crypto Payments Statistics in Q2 2024 + Popular Blockchains. Source: CoinGate Solana, Litecoin, and SHIB payments growth on CoinGate CoinGate’s report explained that Solana saw an “immediate popularity” since its recent integration in May. Since then, the Solana network has processed two times more Circle USD stablecoin (USDC) payments than the BNB Chain (BNB). Moreover, payments using LTC grew by 67% year-over-year, with Alan Austin attributing the growth to Litecoin’s transaction experience. Similar to the two others, SHIB payments started surging after CoinGate added support to Shiba Inu on the BSC and Polygon (MATIC) networks—again, users favoring chains with faster finality and lower transaction fees. Overall, SHIB payments grew 76% following the integration. Lightning Network BTC payments have increased over Bitcoin’s mainnet payments for the same reason, according to CoinGate. USDT leads the pack: Stablecoins in infrastructure blockchains However, users seem to favor using U.S. dollar-pegged stablecoins instead of sovereign currencies like BTC, LTC, and ETH. USDT still “leads…
Filed under: News - @ July 25, 2024 10:12 am