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<p><strong>Generally speaking, the year&nbsp;2023 has been particularly dynamic for the crypto industry. More specifically, the cryptocurrency payments segment is no exception as it has achieved exceptional performance throughout this year. This is at least what a recent study by the crypto firm CoinGate indicates.</strong></p>
<h2 id="h-rise-in-crypto-payments-in-2023-dominated-by-btc-and-usdt">Rise in Crypto Payments in 2023 Dominated by BTC and USDT</h2>
<p>In a recent report, CoinGate, a leading player in the payment intermediaries sector, reported a remarkable increase in <a href="https://www.cointribune.com/en/crypto-an-explosive-400-increase-in-otc-trading/" target="_blank" rel="noopener noreferrer nofollow">crypto transactions</a> on its platform. It managed a staggering 4&nbsp;million cryptocurrency payment activities over the period.</p>
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<p>Particularly, the year&nbsp;2023 stood out as the pinnacle in terms of performance. Indeed, it totaled an impressive 1,294,058&nbsp;cryptocurrency payments, a substantial increase of 40&nbsp;% compared to 2022.</p>
<p>The frequency of <a href="https://finbold.com/record-breaking-year-for-crypto-payments-in-2023-coingate-report/" target="_blank" rel="noopener noreferrer nofollow">these operations</a> is just as exceptional with an average of one payment every 24&nbsp;seconds. A constant that underscores the growing importance of crypto payments. These are more than just vehicles for speculation on investments.</p>
<p>Specifically, bitcoin (BTC) and USDT accounted for the lion’s share of these transactions, with 35.6&nbsp;% and 25.4&nbsp;% respectively. Bitcoin’s dominance has decreased compared to the 47.8&nbsp;% of 2022. It’s quite the opposite for USDT, which experienced growth in November and December, of 36.5&nbsp;% and 39.1&nbsp;% respectively.</p>
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     <p lang="en" dir="ltr">Record-breaking year for crypto payments in 2023 – CoinGate report<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/270d.png" alt="✍" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/NAhX30pHbj" rel="noopener noreferrer nofollow">https://t.co/NAhX30pHbj</a><br><br>While everyone is focused on more price speculation with the <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinETF</a>, I would rather ignore the noise and focus on utility.<br><br>Thanks, <a href="https://twitter.com/CoinGatecom?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CoinGatecom</a>, for this payments' yearly report! <a href="https://t.co/A4z5GRozqb" rel="noopener noreferrer nofollow">pic.twitter.com/A4z5GRozqb</a></p>— Vini Barbosa (@vinibarbosabr) <a href="https://twitter.com/vinibarbosabr/status/1745097077523111943?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a>
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 <figcaption class="wp-element-caption"><em>Crypto payments saw a spectacular growth in 2023, with an increase of 40 % compared to 2022</em>
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<h2 id="h-litecoin-ltc-emerges-as-a-significant-player">Litecoin (LTC) Emerges as a Significant Player</h2>
<p>Aside from bitcoin (BTC) and USDT, the cryptocurrency Litecoin (LTC) has emerged as a significant player, thanks to a contribution of 9.5&nbsp;% to the total crypto payments on CoinGate in 2023.</p>
<p>Ethereum (ETH), Bitcoin’s Lightning Network, and Tron (TRX) are close behind with 9.3&nbsp;%, 7.8&nbsp;%, and 7.1&nbsp;% respectively. The launch of Binance Pay in March enabled Binance’s payment service to account for 8.2&nbsp;% of all transactions on CoinGate.</p>
<p>Furthermore, CoinGate has highlighted a notable increase in the number of crypto-friendly merchants using its services. This is an indication of a broader acceptance and adoption of cryptocurrency payments in recent months.</p>
<p>The platform predicts a promising trajectory for cryptocurrency payments in 2024, driven by sustained innovation focused on improving user experience. CoinGate is optimistic about <a href="https://www.cointribune.com/en/la-blockchain-vos-cryptos-et-le-monde-dici-a-3-ans-2/" target="_blank" rel="noopener noreferrer nofollow">the future of crypto payments</a> which it sees as becoming the norm rather than the exception.&nbsp;</p>

The crypto transaction boom in 2023: Bitcoin and USDT leading the way

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