Bitcoin still dominates total payments on BitPay despite the bear market

Bitcoin still dominates total payments on BitPay despite the bear market


The cryptocurrency bear market has had an impact on how people pay with crypto, but Bitcoin (BTC) remains a major payment tool despite huge volatility, according to data from BitPay.

The share of Bitcoin payments in the total BitPay transactions has been shrinking amid the ongoing cryptocurrency winter, but it’s still the most popular cryptocurrency for payments on the platform.

The sales volumes of Bitcoin-based payments on BitPay accounted for as much as 87% last year and dropped to 52% in the first quarter of 2022 amid the bear market, BitPay’s vice president of marketing Merrick Theobald told Cointelegraph. In contrast to the number of transactions, Bitcoin sales volumes on BitPay are associated with the total value of crypto payments processed in Bitcoin.

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Theobald noted that BitPay observed

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