It is mentioned in the new report which claims that though the businesses are turning increasingly to Altcoins for various kind of the payments, ETH, DOGE, along with the fiat-backed stable coins gain high popularity.
As per the Fortune report, BitPay which is the processor of crypto and altcoins payment claims that Bitcoin’s use through merchants has decreased to almost 65% of various processed payments. There is a downfall from 92% in the year 2020. Ethereum buying has also accounted for almost 15% of total, though the stablecoins even made up to almost 13%. The report also has clearly highlighted that the newcomers to BitPay in the year 2021. It consist of Dogecoin, Litecoin and Shiba Inu which were accuntible for 3% of various payments.
Crypto investors and Altcoins
The crypto investors might even have been quite reluctant to spend altcoins. It is just because of their huge gain in price in the year 2021. Rather than choosing opting for the less volatile altcoins along with stablecoins. The BitPay said that the Bitcoin spenders chiefly used the wealth on the luxury goods. It can be jewelry, cars, boats and watches.
As per the CEO of BitPay, Stephen Pair, entire set of transaction volumes for the luxury goods have also surged to almost 31% in the year 2021. This is as compared to 9% for the previous year. Overall volume of the payment on platform enhanced with 57% year after year.
For entering in market, he also implied that investors must always be dollar-cost be averaging in the bid for dividing up the entire amount. It is just to get invested in the periodic purchases in the bid for reducing the impact of such volatility of altcoins. This is commonly quite high in the market of cryptocurrency.