Bitcoin (BTC) and Ethereum (ETH) transaction fees have seen a significant increase since 2023, leading to a shift in user preference towards more efficient cryptocurrencies for payments, such as Litecoin (LTC). This trend is evident in the data provided by BitPay, one of the largest cryptocurrency payment services.

In December, Litecoin was favored by 38.25% of BitPay’s users, surpassing Bitcoin (23.24%) and Ethereum (10.45%). This trend began in November 2023, when LTC accounted for 34.52% of BitPay payments, compared to 30.55% for BTC. Other cryptocurrencies such as Dogecoin (DOGE), Bitcoin Cash (BCH), Polygon (MATIC), and Circle USD (USDC) also saw usage, but to a lesser extent.

BitPay’s relevance in the cryptocurrency payment sector is significant, having processed 390,401 crypto transactions in the last six months. In December alone, the platform processed 51,896 payments with cryptocurrencies, with 19,850 of these using Litecoin.

Additional data from BitInfoCharts supports Litecoin’s dominance in transactions. The Litecoin network saw $1.23 billion sent in 525,888 transactions in the last 24 hours, accounting for 25.28% of LTC’s market cap. In contrast, Bitcoin had $15.88 billion sent in 418,600 transactions, representing 1.86% of its capitalization, and Ethereum’s volume was less than $3 billion, representing less than 1% of its market cap. However, Ethereum did surpass the 1 million daily transaction mark.

In conclusion, Litecoin has gained prominence in the realm of cryptocurrency payments, primarily due to Bitcoin’s inefficiencies as a medium of exchange, leading users to migrate to more efficient alternatives.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	BitInfoCharts, BitPay, Finbold
Currencies	Bitcoin, Litecoin, Ethereum, Dogecoin
Securities	None