Monero’s Growing Popularity Among Cryptocurrency Users
Monero (XMR) has been gaining popularity among cryptocurrency users, overshadowing more established cryptocurrencies in terms of user preferences. In June, XMR surpassed Bitcoin (BTC) for the first time on a gift card payment platform, indicating a shift in behavior among users.
- CoinCards platform reported data on the volume percentage for each cryptocurrency used for payments in June
- The breakdown of usage has been reported monthly since April 2023
- The first data showed 40% dominance for on-chain BTC, with Monero and Ethereum (ETH) following at 23.64% and 13.9% respectively
Monero’s Rise in Payment Volume
Recently, Monero dominated the payment volume on CoinCards in June with 34.4%, outperforming BTC and USDC. This shift in preference towards XMR shows a growing trend among cryptocurrency users.
- Monero led in CoinCards June payment volume by 34.4%
- BTC took the second spot with 25.96% of the volume
- USDC followed with 20.20% of the payment volume
Monero’s Usage in Payments
Darknet markets also show a preference for Monero over Bitcoin and other cryptocurrencies. This shift in demand towards XMR can be attributed to its privacy features and faster transaction times.
- Darknet markets prefer using Monero over Bitcoin due to its privacy features
- XMR’s lower fees and faster settlement times contribute to its increasing popularity
Bitcoin vs. Monero in Network Activity
While Bitcoin still processes more transactions than Monero, the latter processes more transactions compared to its market capitalization. This indicates a higher transaction volume relative to its market value.
- Bitcoin processed 658,877 transactions on July 6 compared to 21,030 transactions on the Monero network
- Monero processes more transactions per one billion in market cap than Bitcoin
The Impact on Monero’s Price
With the increasing demand for Monero in payments, the spot XMR market is impacted, potentially influencing the price of the cryptocurrency. Currently trading at $156 per coin, XMR’s comeback after Binance’s delisting shows strong market resilience.
Hot Take: Embracing Monero in Payment Transactions
As Monero gains traction among cryptocurrency users for payment transactions, its growing popularity and unique features continue to carve out a niche in the digital asset landscape. The shift towards privacy-focused and efficient cryptocurrencies like XMR highlights a changing dynamic in the crypto sphere, emphasizing the importance of user preferences and evolving market trends.
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