Our third month of payment statistics! From this point on we'll share the statistics with the history included, so we can see the evolution of usage of different cryptocurrencies over time. As always, if you're a merchant considering which cryptocurrencies to integrate, these numbers might help guide your priorities. Feel free to reach out to us about any questions you might have!
Transaction Count Distribution
We included all deposits of $0.10 and up. The transaction count for January breaks down as follows:
- Nano (XNO): 73.4% (66.8% last month)
- Monero (XMR): 12.8% (15.8% last month)
- Ethereum (ETH): 2.9% (2.3% last month)
- Solana (SOL): 2.8% (2.0% last month)
- Litecoin (LTC): 2.6% (2.7% last month)
- Bitcoin Cash (BCH): 2.3% (3.0% last month)
- Bitcoin (BTC): 2.3% (2.2% last month)
- DASH: 0.5% (1.7% last month)
- Banano (BAN): 0.4% (3.0% last month)
- Dogecoin (DOGE): 0.1% (0.4% last month)
Or in chart format, for easy sharing:
Transaction Volume Distribution
Here's how the overall deposited volume for January compares with December:
- Nano (XNO): 65.8% (68.3% last month)
- Monero (XMR): 14.6% (15.7% last month)
- Bitcoin (BTC): 7.2% (3.8% last month)
- Litecoin (LTC): 4.8% (3.8% last month)
- Solana (SOL): 3.1% (1.4% last month)
- Ethereum (ETH): 2.8% (1.6% last month)
- Bitcoin Cash (BCH): 1.5% (2.7% last month)
- DASH: 0.2% (1.9% last month)
- Banano (BAN): 0.0% (0.5% last month)
- Dogecoin (DOGE): 0.0% (0.2% last month)
Or in chart format, for easy sharing:
Key Observations
- Nano (XNO) is still by far the most used coin. We're partially surprised at this, same as last month. We think Nano is fantastic for payments, but realistically it has a far lower market cap than most of the other coins on this list. We'd therefore expect other coins to have a bigger community and therefore more usage, but that's not at all what we're seeing.
- Monero (XMR) stayed relatively steady in terms of its usage, and is still easily the second-most used coin. The privacy enthusiasts in us really like seeing this!
- Bitcoin (BTC) climbed to third spot, somewhat surprisingly. We've been listed on a few websites that recommend services to use with Bitcoin (thank you!) which might explain some of the growth. We'll be totally honest and say we did not expect Bitcoin to be used this much, but we're not complaining!
- Litecoin (LTC) is growing relative to the other coins, consistently so far. When we originally started doing these statistics we were inspired by Bitpay where Litecoin is the most used coin. We're not at that level yet, but let's see how it keeps developing!
- Solana (SOL) is growing relatively quickly. For all figures listed here it's important to mention that we're growing in absolute terms, so for a currency to be growing in relative terms it has to grow faster than our total volume growth. Solana is very clearly doing that, let's see whether it stays growing like this.
- Ethereum (ETH) similar to Solana grew pretty quickly this month. This includes the L2's such as Base and Arbitrum (the most used ones on our platform) and the mainnet.
- Bitcoin Cash (BCH) unfortunately slid a bit in relatively terms, though we're not sure why. It's the first coin after Nano that we added, so we had actually hoped it would be seeing more growth and usage. That said the numbers are still good and we get a lot of useful feedback from our Bitcoin Cash users, so we're not too worried!
- DASH (DASH) requires some explanation. The network had an upgrade which caused the payment processor we use for DASH (BTCPayServer) to stop working. It's fixed now, but means that many that would otherwise have used Dash might have gone for different crypto. Next month will tell!
- Banano (BAN) and Dogecoin (DOGE) saw relatively little usage, with especially Dogecoin barely seeing any transactions. We're not sure why - if anyone has an idea on how to reach these communities better we'd love to hear!
Note: from next month we'll probably start focusing just on transaction volume, since it matters more than transaction count. We could add a different secondary graph without spamming you with too many graphs that way.
See you next month!
