Bitcoin Payments Decline As Other Cryptocurrencies Grow

Bitcoin Payments Decline As Other Cryptocurrencies Grow

BitPay Inc, the leading crypto payment processor, has witnessed a major shift to the type of digital assets used in purchases since last year. According to BitPay, BTC usage at businesses fell to 65% from 92% since 2020, which is quite a major drop. Furthermore, the ETH was also only 15% of worldwide transactions, and other currencies like the LTC and Dash have increased.

Businesses are now more interested in investing in stable coins frequently for cross-border payments since November as the crypto values depreciate over time. Similarly, consumers are also more interested in investing in stablecoins as the value is mostly constant, resulting in lower risks in the volatile market.

As per the heraldnet.com report, the growing popularity of stablecoins is one of the common factors for being a very common alternative for the other coins. For example, DOGE became notoriously famous for the results of their followers, such as Elon Musk. Musk announced that DOGE could be used to purchase DOGE merchandise.

This new trend definitely suggests that individuals are more inclined towards holding BTC instead of spending it, which is a great strategy in this market. The BTC prices increased by 60% in 2021, irrespective of the fourth quarter’s volatility. According to the crypto payment company, most of the crypto transactions were in the luxury industry, such as jewelry, watches, or even automobiles. The transactional values for the high-end items via their company have increased relatively from 31% in 2021 to a meager 9% in 2020. The payment volume rose about 57% in 2021, as per the CEO of BitPay, Stephen Pair.

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