Monero (XMR) has been gaining traction within the cryptocurrency community, often outperforming more established cryptocurrencies in terms of user preference. This was evident in June when XMR surpassed Bitcoin (BTC) on a gift card payment platform, marking a significant shift in behavior among users.
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The CoinCards platform regularly releases data on the volume percentage of each cryptocurrency used for payments, providing a detailed breakdown of usage trends. This information has been made available monthly since April 2023, offering valuable insights into the evolving landscape of digital currency transactions.
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Initially, BTC held a 40% dominance in on-chain transactions, with Monero and Ethereum (ETH) following closely behind at 23.64% and 13.9%, respectively. However, the introduction of Circle USD (USDC) saw a shift in market share, with the stablecoin claiming the top spot in May 2024. During that month, USDC accounted for 33.21% of the volume, surpassing both Bitcoin and XMR with 30.04% and 27.58%, respectively.
The latest report now shows Monero leading the pack, accounting for 34.4% of CoinCards’s June payment volume. BTC came in second with 25.96%, while USDC followed closely with 20.20%. Surprisingly, all other cryptocurrencies, such as ETH, Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE), collectively made up less than 10% of the total volume.
Monero for transactions
Dark web marketplaces exhibit comparable user behavior and inclination, showing a preference for Monero over Bitcoin and other digital currencies. According to reports, these clandestine markets facilitate the movement of billions of dollars annually, with XMR capturing a substantial portion of this demand.
Analysts primarily attribute this trend to Monero’s well-established default privacy feature and its ability to facilitate transactions with lower fees and quicker settlement times.
The pattern of utilizing XMR for transactions, initially observed in darknet markets, is now extending to conventional online markets, mirroring Bitcoin’s early trajectory. Historically, BTC gained prominence in dark markets such as Silk Road, garnering significant demand as a medium of exchange before transitioning to its current role as a digital store of value and attracting investors.
Monero vs. Bitcoin in terms of network activity
However, compared to Monero’s network, the Bitcoin network continues to validate more transactions. On July 6, information obtained from Bitinfocharts that revealed 658,877 Bitcoin transactions as opposed to 21,030 Monero transactions.
Monero’s transaction volume surpasses that of Bitcoin when considering the market capitalization of each cryptocurrency. This is evident in the comparison of 587 transactions per one billion in market cap for BTC’s $1.119 trillion capitalization versus 7,304 transactions per one billion in market cap for XMR’s $2.88 billion capitalization.
The increasing popularity of Monero for payments has led to a rise in demand for spot XMR, potentially influencing its price in the market. Despite facing challenges such as delisting from Binance, Monero has shown resilience by trading at $156 per coin at the time of writing.
Notably, decentralized exchanges often trade Monero at a premium, presenting intriguing arbitrage opportunities for traders looking to capitalize on the price differences. This dynamic market behavior further underscores the significance of Monero’s transaction volume and market value in the cryptocurrency landscape.
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