The current crypto bear market might just have rung the death knell for several cryptocurrency bigshots, including Bitcoin.
With the sheer number of signs of an overall crash, Bitcoin has emerged as the most commonly used cryptocurrency in this bear market.
Users Retain Faith in Bitcoin
This bear market has been a bit rough. The number of hotshot cryptocurrencies has been reduced to their very dregs, with Bitcoin transactions being suspended because of the rapid loss of valuations.
However, what has been somewhat pleasantly surprising is that user commitment has remained unwavering to a large degree. Bitcoin remains the most commonly used cryptocurrency in transactions and trade, and it has also held its ground on BitPay.
Bitcoin Remains Top on BitPay
According to BitPay, its total transaction has been reduced. However, the fact remains that despite this bear market prediction and the general performance of the crypto platform, Bitcoin has held its place as the most commonly used cryptocurrency for transactions and trade on the BitPay platform.
In this bear market, BitPay continues to record regular crypto payment numbers. Their numbers have risen to 67,000 from their previous 58,000 in 2021.
BTC Demand Tumbles
Merrick Theobald, VP of BitPay, has clarified that even Bitcoin’s numbers have gone down if you look at the figures. For example, transactions made through BTC as the currency were about 87% in sales value in 2021. That was undoubtedly more than this year’s 52%.
Even though technicalities like sales value figures dropped, the percentage figures of the crypto transactions and payments made with BTC as the currency remained afloat and even performed better.
However, what remains to be noted is that despite this surprising turn of events in this bear market, net transactions have taken a hit in 2022.
BitPay released its data, and it is now apparent that from March to July, BTC-based transactions have decreased from a 57% to a 48%.