Bitcoin dominate space for digital payments and continues this. However, such dominance is over decline as altcoins chosen as preferred set of digital currencies for the payments. It has been because of cheaper fees thereby resulting from the network congestion while the price getting high. Rather, cryptocurrencies where fees may range from fractions of the cent are favor by the merchants.
Altcoins take of Market Share
The Crypto payments recently released the report outlining with percentages every crypto commanded in payment space of crypto. Bitcoin also dominate list about what was significant to note from report about how much pioneer dominance cryptocurrency more than space dropped. Between the year 2020 and also year 2021, bitcoin even lost for 27% dominance.
Use of the Ethereum and Altcoins as the method of payment was up, thereby accounting for about 15% of total transactions which carried out on platform. The Stablecoins also made great splash for 13% of various transactions.
The Meme coins also grew to the level of popularity in this time and are also added by payments processor among rising demand. It also made up with small though impressive percentage of various transactions. Moreover, apart from Altcoins, Dogecoin along with rival Shiba Inu, with Litecoin, even accounted for about 3% of the digital payments which processed through BitPay for year.
Increase of popularity of Stablecoins
One of such factors which simply affect that the many users that pay with cryptocurrencies are fluctuations in the price. For the Cryptocurrencies such as bitcoin and altcoins when price of digital asset enhances, the frequency where it used as the payment method may also increase quite drastically. During Bear market it happens vice versa.
But through stablecoins, where values stay to be same through the bull market and bear markets. The merchants are also able to remove this issue.