(Kitco News) – Bitcoin continues to attract a lot of investor attention following its recent new high above $61,000; however, one company says that the cryptocurrency market is more than just a momentum trade with crypto spending on the rise.
According to a recent internal report from the world’s largest crypto payment processor CoinPayments, from the first quarter of 2019 to the fourth quarter of 2020, the North American cryptocurrency market saw a 300% increase in transactions as more businesses and merchants embraced digital currencies.
“Cryptocurrencies continue to solidify their role in the global financial landscape. Consumers see real value in the market and are using them more and more in their daily lives,” Jason Butcher, CEO of CoinPayments, told Kitco News. “We are seeing the start of what will be a bigger trend for cryptocurrencies.”
CoinPayments’ research shows that the top three transacted digital currencies in North America are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Despite these three cryptocurrencies’ dominance, the company also noted that transaction volume in Tether (USDT) had increased nine-fold in the last two years.
The latest rally in Bitcoin has