Key Takeaways
- BitPay processed 608,000 transactions in 2024.
- Litecoin accounted for the largest share of payments at 201,165.
- The U.S. dominated with over 76% of total BitPay transactions.
In 2024, cryptocurrency payment processor BitPay recorded 608,000 transactions as digital asset holders increasingly used their holdings for payments during the bull market.
Payment breakdown
According to BitPay’s “Decrypted 2024” report, Litecoin led the way with 201,165 payments, accounting for the largest share of transactions.
Bitcoin followed with 130,250 payments, while Ether ranked third with 56,356 payments.
Popular categories
The report emphasized a growing trend toward spending rather than merely holding digital assets, stating:
2024 was all about putting crypto to work.
Payments were most commonly made for luxury goods, electronics, jewelry, and precious metals, with transactions in these categories rising between 39% and 205% year-over-year.
Geographic distribution
The United States emerged as the leader in crypto payments, contributing more than 76% of the total transactions on the BitPay platform.
BitPay facilitates crypto payments by enabling merchants to accept digital assets and receive settlements in local currencies, with most of its customer base located in the U.S.
Adoption trends
While Bitcoin and other digital assets have established themselves as investment tools, their adoption as payment methods remains slow.
For instance, Deutsche Bank found that crypto retail transactions accounted for just 3% of global payments from 2021 to 2023.
However, stablecoins have played a role in encouraging adoption, with CoinGate reporting a 29.6% increase in transactions in 2024, a third of which were in stablecoins.
