The latest report issued by CoinGate has indicated that the use of cryptocurrency payments on eCommerce websites has visibly increased. The report suggested that during 2022, the cryptocurrency payment volume increased by as much as 60% during last year.
It is important to keep in mind that in terms of price appreciation the crypto market performance for 2022 remained predominantly discouraging.
Despite the bearish trends, many retailers have enabled cryptocurrency payments for investors. It is important to note that CoinGate is also a cryptocurrency payment processing application.
The latest report published by the market analysts of the firm postulates that despite the Crypto Winter, cryptocurrency payments became more popular and acceptable.
Annual Ratio of Cryptocurrency Payments
As per the report issued by CoinGate analysts, the percentage of cryptocurrency payments in 2022 showed a visible increase from previous years such as 2021. The firm has shared that CoinGate facilitated around 927K cryptocurrency payments which are 2.7 times greater than the annual average for its preceding year. In total, this figure represents a 63% appreciation in 2022.
This figure also suggests that CoinGate processed one cryptocurrency for every 34 seconds during the year. At the same time, another important metric shared by the CoinGate report is that Bitcoin has remained one of the most popular cryptocurrencies as a mode of payment among users for the previous year.
Bitcoin’s dominance in terms of total crypto payments was noticed at 48% for the whole year of 2022. Among the most popular currencies, USDT held the second highest rank and another altcoin such as ETH, Litecoin, and TRON also has big shares. The overall growth of usage and trading volume for CoinGate was noted to be around 48% in comparison to 2021.
During the previous years, some of the most popular online and global services providers such as NordVPN have also enabled cryptocurrency payments.
During an interview with journalists, CoinGate CEO Justas Paulius commented that crypto payment adoption has remained predominantly unaffected by the bearish trend.
He also pointed out that crypto investors have shifted their crypto payments from free-floating currencies to stablecoins.