In terms of user choice, Monero (XMR) often outperforms cryptocurrencies with larger market capitalization, and its popularity among cryptocurrency users has been on the rise.
Specifically, the CoinCards platform shared June payment volume % statistics for all cryptocurrencies. There has been a monthly report from the gift card service detailing this “breakdown of use” since April 2023.
Specifically, the initial data reveals that on-chain Bitcoin (BTC) accounts for 40% of all transactions, with Monero and Ethereum (ETH) following at 23.64% and 13.9%, respectively. The stablecoin surged to the top of the market in May 2024 when the service featured Circle USD (USDC). In May, USDC accounted for 33.21% of the volume, while Bitcoin and XMR followed with 30.04% and 27.58%, respectively.
According to the latest data, Monero surpassed CoinCards in June in terms of payment volume by a whopping 34.4%. After USDC with 20.20%, BTC came in second with 25.96%. Curiously, Ethereum (ETH), Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE) all recorded volumes below 10% of the total.
Similarly, Monero is more popular on darknet marketplaces than Bitcoin or any other cryptocurrency. Cointelegraph said that these dark marketplaces transact billions of dollars annually, with XMR taking a significant chunk of that demand.
Experts say this is due to the reduced costs and quicker settlement times associated with transactions, as well as Monero’s tried-and-true privacy-by-default feature.
Payments made using XMR have been growing in popularity, first on the darknet and now on the Clearnet, much like Bitcoin’s early days. Bitcoin first became famous and in high demand as a means of trade on underground marketplaces such as Silk Road. Bitcoin didn’t begin marketing itself to investors as a digital asset store until after that.
Even Nevertheless, compared to Monero, Bitcoin’s network verifies a higher volume of transactions. Bitinfocharts data gathered by Finbold shows that on July 6, there were 658,877 Bitcoin transactions compared to 21,030 Monero transactions.
On the other hand, XMR’s $2.88 billion market cap represents 7,304 transactions per billion dollars, whereas BTC’s $1.119 trillion capitalization represents 587 transactions per billion dollars. When considering the relative market values of the two cryptocurrencies, Monero handles a larger volume of transactions than Bitcoin.
The price of spot XMR is susceptible to market forces, such as the growing demand for Monero as a payment method. After Binance delisted XMR, it made an incredible recovery and is now trading at $156 per coin. Interesting arbitrage possibilities arise from its premium trading on decentralized exchanges.
Also Read: Justin Sun makes fun of Germany’s sell-off of Bitcoin after losing in the UEFA Euros
