In the latest monthly update for May 2023, it is revealed that Litecoin has reached a significant milestone on BitPay, solidifying its position as the second most widely used cryptocurrency. With a remarkable market share of 28.7% of all transactions, this marks the highest percentage for Litecoin since its addition to the platform last year. The data also highlights BitPay's remarkable performance over the past six months, with a staggering total of 500,000 transactions processed. These impressive figures underscore the growing acceptance and adoption of Litecoin as a preferred choice for conducting transactions on BitPay.
Bitcoin's share of transactions has dropped from 46.11% to 36.39%, while Litecoin's transactions per month have experienced a significant increase from 24.54% to 28.78%.
One of the key factors behind Litecoin's recent surge in popularity is its ability to offer faster transaction times and near-zero fees. As Bitcoin's usage has skyrocketed, its fees have also risen, making it less feasible for smaller payments. In contrast, Litecoin has seized the opportunity to shine, providing users with an edge over Bitcoin when it comes to conducting crypto payments and transactions. With its efficient and cost-effective nature, Litecoin has emerged as a superior choice for those seeking swift and economical transactions.