Ethereum (ETH) and Riepple (XRP) have dramatically grown in popularity this holiday, exceeding 7% and 8% of BitPay’s transactions. For the first time, Bitcoin falls below 80% of BitPay’s transactions.
In addition, consumers this holiday are spending more on purchases when compared to other months this year (AOV up 15%). And the number of transactions processed by BitPay decreased slightly.
The majority of consumers are buying gift cards this holiday and loading their BitPay Debit Card. They’re spending at retailers that have yet to accept crypto. This increase is for day-to-day expenses for food, travel, electronics and clothing,
While Bitcoin remains the most popular crypto used by consumers for purchases (representing 79% of all transactions), EHT is 7.43% and XRP is now 8.6%. For ETH, the biggest purchases are with gift cards, computer software/gaming, electronics and precious metals. Likewise, XRP’s biggest purchase was with gift cards. And then followed by electronics, FX exchange, previous metal and online gaming.
BitPay believes the increase in the value of bitcoin, the holiday season and Covid have contributed to these results.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.