Cryptocurrencies are more than just an investment product for price speculation in the short, mid, and long terms. Actually, the different use cases β like crypto payments β bring value and organic demand for the cryptocurrency market to grow healthy.
Notably, a report published on January 10, 2024, by CoinGate evidenced this growth, with 4 million transactions processed. In 2023 alone, the platform recorded over 1.29 million crypto payments, or one payment every 24 seconds.
CoinGate is one of the leading payments intermediaries in the industry, registering outstanding numbers since its foundation.
In this context, 2023 was the most relevant year for the segment, holding one-third of all CoinGateβs transactions. The 1,294,058 crypto payments are 40% superior to 2022βs 928,517 numbers, reported by Finbold one year ago.
Bitcoin and USDT lead crypto payments on CoinGate
Meanwhile, the volume spotlight goes to Bitcoin (BTC) and Tether USD (USDT). Both dominated 35.6% and 25.4% of all payments made on the platform, respectively.
Interestingly, Bitcoinβs dominance fell from 47.8% in 2022, an already lower ratio of 2021βs 54.8%. On the other hand, USDT grew from its 15.1% dominance after CoinGate delisting Binanceβs stablecoin BUSD.
In particular, USDT outperformed BTC in November and December with 36.5% and 39.1% dominance, respectively
Litecoin (LTC) was another protagonist in CoinGateβs 2023, with 9.5% of all crypto payments. Followed by Ethereum (ETH) with 9.3%, Bitcoinβs Lightning Network with 7.8%, and Tron (TRX) with 7.1%.
Additionally, Binanceβs payment service made 8.2% of all transactions after Binance Payβs implementation in March. CoinGate also mentioned a relevant growth in crypto-friendly merchants using its services.
βThe horizon of 2024 is already promising new opportunities and challenges. Weβre excited to continue our journey, focusing on innovation and customer satisfaction, as we strive to make cryptocurrency payments a norm rather than an exception.β
β CoinGate report
In conclusion, the crypto payment provider foresees a bright future for people and merchants using cryptocurrencies worldwide. 2024 might present itself as another relevant year of growth and adoption, which could positively impact cryptocurrency investments.
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