Monero Overtakes Bitcoin in Europe’s Largest Crypto Store

Monero (XMR) has surpassed Bitcoin (BTC) as the most used cryptocurrency at "Europe’s biggest Bitcoin store," ShopinBit, according to their June report.

XMR accounted for 74.54% of payments, while BTC made up 23.64%. Bitcoin’s Lightning Network and fiat currencies were minimally used.

ShopinBit has challenged this trend to continue for two more months, promising to rebrand as “Europe’s biggest Bitcoin and Monero Store” if it does.

This shift isn’t unique to ShopinBit; CoinCards and darknet markets have also seen a rise in Monero payments due to its superior privacy features.

Historically, Bitcoin’s popularity surged in dark markets like Silk Road. Now, Monero might experience a similar network effect, potentially boosting its long-term price.

Currently trading at $160.90, Monero has increased 52% since Binance’s delisting in February and often trades at a premium on decentralized exchanges.

Investors and users are closely monitoring this trend, anticipating further impacts on Monero’s market value and position.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.