Bitcoin Payments Drop as Ethereum Surges: Insights from Bitrefill Study
Crypto Landscape: A Shift from Bitcoin to Ethereum
The landscape of crypto payments is undergoing a significant transformation as highlighted by a recent study from Bitrefill. Data shows a drastic decline in Bitcoin's (BTC) dominance, plummeting by 55% compared to last quarter. Users are increasingly favoring alternatives, with Ethereum (ETH) seeing a surge in payment activity.
Ethereum Emerges as a Leading Crypto Payment
Ethereum's share of payments on Bitrefill has soared, accounting for 28% of users, surpassing BTC. This shift can be attributed to the rising value associated with DeFi projects and NFTs driving demand for Ethereum, while USDT and other stablecoins also gain traction amid the ongoing crypto revolution.
Litecoin and Legacy Coins Maintain Popularity
- Litecoin (LTC) continues to be a reliable option, benefiting from high exchange availability.
- USDT on TRON has emerged as a prominent partnership in the crypto payment realm despite rising fees.
- The Lightning Network increases traction as an alternative for Bitcoin transactions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.