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Monero surpasses Bitcoin in popularity on the crypto goods platform

Monero surpasses Bitcoin in popularity on the crypto goods platform

08 Jul 2024

Caleb Reid
Caleb Reid

In June, Monero (XMR) surpassed Bitcoin (BTC) in popularity for the first time on CoinCards, a platform specializing in selling cryptocurrency gift cards. This indicates a growing interest in Monero among users, despite other cryptocurrencies having higher market capitalizations.

Since April 2023, CoinCards has been publishing monthly data on the most popular cryptocurrencies on its platform. During that period, BTC led with a 40% share, while Monero and Ethereum (ETH) held 23.64% and 13.9% respectively.

After the addition of support for the stablecoin Circle USD (USDC), it quickly captured a significant market share, taking the top spot in May 2024 with 33.21% of the volume. Bitcoin and XMR followed in second and third places with shares of 30.04% and 27.58%, respectively.

However, by June, Monero became the leader, achieving a 34.4% share on CoinCards. BTC dropped to second place with 25.96%, and USDC ranked third with 20.20%. All other assets, including ETH, Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE), collectively accounted for less than 10% of the total volume.

A similar trend is observed in darknet markets, where users prefer Monero over Bitcoin and other cryptocurrencies. The annual volume of these underground markets is estimated in billions of dollars, with a significant portion of the demand focused on XMR.

Experts attribute this to Monero's default user privacy, as well as its faster transactions and lower fees.

Before gaining popularity on the visible web, Monero first became popular on the darknet, similar to Bitcoin's history. BTC initially gained notoriety on "black" markets like Silk Road, where it was used as a medium of exchange. Over time, Bitcoin began to be positioned as a digital store of value, attracting investors.

Despite Monero's growing popularity, the number of transactions on the Bitcoin network is still significantly higher. According to Bitinfocharts, on July 6, there were 658,877 transactions on the Bitcoin blockchain, compared to only 21,030 transactions on the Monero network.

However, when considering the number of transactions relative to market capitalization, Monero performs better. With a market cap of $2.88 billion, Monero processes 7,304 transactions per billion of capitalization, whereas Bitcoin processes 587 transactions per billion of its $1.119 trillion capitalization.

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