• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin surrounded by altcoins

Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments

Best Owie by Best Owie
1 year ago
in Bitcoin, Crypto
Reading Time: 3 mins read
Advertisement

Bitcoin has dominated the digital payments space for the longest time and continues to do so. However, this dominance is on the decline as more altcoins are being chosen as the preferred digital currencies for payments. This has mainly been due to cheaper fees resulting from network congestion when the price gets too high. Instead, cryptocurrencies whose fees can range from a few cents to fractions of a cent are now favored by merchants.

Altcoins Are Taking Market Share From Bitcoin

Crypto payments processor BitPay recently released a report outlining the percentages each crypto commanded in the crypto payments space. As expected, Bitcoin dominated the list but what was important to note from the report was how much the pioneer cryptocurrency’s dominance over this space dropped in the space of a year. Between 2020 and 2021, bitcoin lost about 27% dominance.

Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Back in 2020, the company had reported that bitcoin made up for 92% of all digital payments being carried out on the platform. In 2021, this number was at 65% and is expected to continue to drop as merchants move to altcoins for payments.

Bitcoin market dominance compared to altcoins chart from TradingView.com

Bitcoin market dominance down below 40% | Source: Market Cap BTC Dominance on TradingView.com

 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The use of Ethereum as a payment method was up, accounting for 15% of the total transactions carried out on the platform. Stablecoins made a big splash with 13% of all transactions.

Meme coins, which grew to popularity within this time and were added by the payments processor amid rising demand, made up a small but impressive percentage of all transactions. Dogecoin and rival Shiba Inu, alongside Litecoin, accounted for 3% of digital payments processed by BitPay for the year.

Stablecoins On The Rise

One of the factors that affect how much users are paying with cryptocurrencies has been the fluctuations in price. For Cryptocurrencies like bitcoin, when the price of the digital asset moves up, the frequency in which it is being used as a method of payment increases drastically. And vice versa during the bear markets.

But with stablecoins, whose values more or less remain the same through bull and bear markets, merchants are able to eliminate this problem. BitPay noted that the use of stablecoins as a method of payment when using digital currencies has gone up tremendously.

Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals

However, the tide seems to be changing when it comes to the correlation between bull/bear markets and how much users are spending their cryptocurrencies. CEO and founder of BitPay, Stephen Pair, stated that the recent pullback in crypto prices has not affected payments as much as it did in previous markets.

“We have not experienced as much of a decline in volume with this recent pullback,” Paid said. “It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments”

The company which processes around 66,000 transactions a month is one of the largest crypto payments processors on the globe. It processes crypto transactions for prominent companies such as AMC Theaters and the Dallas Mavericks.

Featured image from Ethereum World News, chart from TradingView.com
Tags: altcoinsbitcoinbitcoin dominancebitpaycryptocryptocurrenciesdigital payments crypto payments
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Best Owie

Best Owie

Related Posts

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

17 hours ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

1 day ago
Bitcoin

Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish?

1 day ago
Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Investors Turn Greedy For First Time Since March 2022

2 days ago
Bitcoin Supply In Loss

Bitcoin Supply In Loss Hits A 9-Month Low

2 days ago
Bitcoin Retracement

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.