Litecoin ranked as the third most used cryptocurrency for payments in January, according to data from payment processor CoinGate. Its share of transactions reached 17.7%, surpassing its December figure and placing it behind only Bitcoin and USD Coin. Concurrently, usage of Litecoin’s privacy-enhancing MWEB protocol hit a new high, with a significant increase in locked balances and record transactions.
Despite broader market weakness, Litecoin’s utility for payments and network activity show resilience. Data from CoinGate showed LTC was the third most used cryptocurrency for payments in January.
It accounted for 17.7% of transactions, putting it just behind Bitcoin and USD Coin [USDC]. That share grew from 16.4% in December, marking a considerable increase.
At the same time, activity on Litecoin’s opt-in privacy layer, MWEB, hit a new high. The balance of LTC locked into MWEB climbed massively over the past month, with record peg-ins.
Even with weak market sentiment, Litecoin’s payment utility and network usage remains firmly intact. Litecoin’s price is weak, but payment usage and growing MWEB activity prove demand has not disappeared.
Institutional support and real-world utility continue to anchor LTC.
