Monero surpasses Bitcoin in payment volume for the first time on platform

Monero (XMR) has been increasing in popularity among cryptocurrency users, often surpassing more capitalized cryptocurrencies in users’ preferences. In June, XMR unthroned Bitcoin (BTC) for the first time in a gift card payment platform, illustrating this behavior shift.

Notably, the CoinCards platform reported data from the volume percentage for each cryptocurrency used for payments in June. The gift card service has been reporting this “breakdown of usage” monthly since April 2023.

In particular, the first data shows a 40% dominance for on-chain BTC, followed by Monero and Ethereum (ETH) with 23.64% and 13.9%, respectively. As soon as the service listed Circle USD (USDC), the stablecoin gained market share, conquering first place in May 2024. In May, USDC had 33.21% of the volume, followed by Bitcoin and XMR with 30.04% and 27.58%.

Bitcoin and Monero Transaction Count. Source: Bitinfocharts

Nevertheless, it is worth noting that this represents 587 transactions for each one billion in market cap for BTC’s $1.119 trillion capitalization versus 7,304 transactions for each one billion in market cap for XMR’s $2.88 billion capitalization. Overall, Monero processes more transactions than Bitcoin, weighted by the market value of each cryptocurrency.

As Monero’s popularity increases for payments, demand for spot XMR increases, which can impact the price. As of this writing, XMR trades at $156 per coin, a remarkable comeback after Binance’s delisting. It is often traded with a premium on decentralized exchanges, creating interesting arbitrage opportunities.

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