Monero Overtakes Bitcoin in Payment Volume on Platform for the First Time
Monero (XMR) has been gaining significant traction among cryptocurrency enthusiasts, often outpacing larger cryptocurrencies in user preference. In a noteworthy development, XMR surpassed Bitcoin (BTC) on a gift card payment platform for the first time in June, marking a notable shift in behavior.
CoinCards, a prominent gift card service, has been regularly reporting the percentage volume of each cryptocurrency used for payments since April 2023. Initially, Bitcoin dominated with 40%, followed by Monero and Ethereum (ETH) with 23.64% and 13.9% respectively. However, the introduction of Circle USD (USDC) in May 2024 saw a change, as the stablecoin claimed the top spot with 33.21% of the volume, followed closely by Bitcoin and XMR at 30.04% and 27.58%.
In the latest update, Monero led the charge in June 2024, commanding 34.4% of CoinCards’ payment volume. Bitcoin followed with 25.96%, and USDC secured 20.20%. Other cryptocurrencies including ETH, Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE) each accounted for less than 10% of the total volume.
Darknet markets also reflect a preference for Monero over Bitcoin and other cryptocurrencies. According to Cointelegraph, these underground markets transact billions annually, with XMR capturing a significant share due to its proven privacy features and efficient transaction speeds.
This trend of using Monero for payments, initially observed in darknet markets, mirrors Bitcoin’s early adoption trajectory. Bitcoin gained initial prominence in markets like Silk Road before evolving into a digital store of value.
Despite Monero’s popularity for payments, Bitcoin still leads in network activity, processing 658,877 transactions compared to Monero’s 21,030 on July 6, as per Bitinfocharts. However, when adjusted for market capitalization, Monero processes more transactions per billion dollars in market cap.
As Monero’s utility for payments continues to grow, so does demand, potentially impacting its price. Currently trading at $156 per coin, XMR has shown resilience following its delisting from Binance and often trades at a premium on decentralized exchanges, presenting intriguing arbitrage opportunities.
Please note that this content should not be construed as investment advice, as investing in cryptocurrencies carries inherent risks.
