The cryptocurrency market has experienced a short-term crash, but analysts remain bullish for the long-term, foreseeing an upcoming altseason. In this scenario, Bitcoin, Ethereum, and other digital assets compete for market share in crypto payments.
A recent study by Bitrefill, one of the largest crypto-commerce platforms, has revealed a significant shift in users’ payment preferences, giving insights into the demand for these cryptocurrencies.
According to the research conducted by Matt Ahlborg and posted on August 27, Bitcoin’s (BTC) dominance in payments on the platform has plummeted by a staggering 55% in relative terms compared to the previous quarter. On that note, data from March shows BTC with a 33.8% dominance, against the 15% current market share.
This significant decline highlights a changing landscape in the crypto payment ecosystem, with alternative cryptocurrencies and stablecoins gaining traction.
Relative Volume by Payment Method. Source: Bitrefill / Ma
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