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You Can Now Spend Litecoin at More Than 2,100 Merchants Globally: Report

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Fri, 08/21/2020 - 13:08
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Yuri Molchan
A chart shared by Cryptwerk shows that in August the number of companies accepting Litecoin increased to over 2,100, spreading the adoption of "digital silver" wider
You Can Now Spend Litecoin at More Than 2,100 Merchants Globally: Report
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Cryptwerk has shared a chart demonstrating that, this month, more than 2,100 companies started accepting Litecoin (LTC) for their goods and services as mass adoption spread wider during the recent pandemic.

Litecoin mass adoption spreading fast

Cryptwerk blockchain-based analytics collector has taken to Reddit to share a chart which shows significant growth in the number of companies that have adopted Litecoin as a means of payment in August.

Compared to June, this amount has increased by 500 and now totals more than 2,100. Those companies are registered on the Cryptwerk website to provide their data for analysis.

LTC
Image via Cryptwerk

Another Cryptwerk chart dedicated to Litecoin shows that the biggest mass adoption of LTC is in the U.S. at the moment: 22.42 percent of the 2,100 companies are located there.

Second and third after the U.S. are Russia (7.58%) and the United Kingdom (7.27%).

According to another chart, shops and markets at the moment make up a 30.99% share of the 2,100 merchants who accept Litecoin. They are followed by companies working in the spheres of crypto services (25.42%) and internet services (19.68%).

LTC adoption in such areas as gambling, tourism and gaming does not go above 6 percent.

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LTC transaction volume plummets

Despite this positive report from Cryptwerk, Glassnode analytics company has reported that the median volume of LTC transactions has dropped to a 5-year low and now it amounts to 0.610 LTC.

Prior to that, another similar low was recorded in mid-November last year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.