Revealed: Top 3 cryptocurrencies leading payments in Q2 - CoinGate report

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 CoinGates 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 2024s second quarter – a 25% increase from last year.　　Solana, Litecoin, and SHIB payments growth on CoinGate　　CoinGates 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 Litecoins transaction experience.　　Similar to the two others, SHIB