Bitcoin’s 24-hour trading volume pales in comparison to a stablecoin’s volume

Bitcoin is considered as the King Coin by many and the moniker holds true for most aspects, however, there is one cryptocurrency that trumps the 24-hour trading volume of Bitcoin, it is Tether [].

Even with the massive on-going rally and massive volatility in the market, the most popular cryptocurrency, Bitcoin’s 24-hour trading volume falls short when compared to Tether, which has a 24-hour trading volume of $29 billion, while that of Bitcoin is at $27 billion.

Source: CoinMarketCap

Tether is in the midst of a massive battle against the U.S. and might have breathed a sigh of relief due to the recent motion filed by the New York Supreme Court judge. Despite Bitcoin’s popularity and having first-mover advantage, it lags behind Bitcoin in terms of trading volume and it can be attributed to Tether’s , which is more than that of Bitcoin and is being used by most exchanges.

Since it is used by top exchanges around the world, it acts as a base pair for most cryptocurrencies; moreover, stablecoins are an on-ramp to buy and sell cryptocurrencies, although alternative methods have been developed over the years.

Moreover, Tether’s transaction count reached an all-time high on 16, 2019, i.e., 65.89K

Source: CoinMetrics

A Twitter user @CasPiancey, commented:

“For days, more Tethers have been traded than Bitcoin. Wrap your head around that: despite an injunction, despite being owned by Bitfinex, despite not being backed 1-1, more people are buying and selling Tethers than Bitcoins. lol”

@c4s88715619, another Twitter user commented:

“If tether disappear tomorrow from the markecap, there is a good chance to see the price of having a 3 digits value and a of bag-holders wondering : ” how come? ” 0-0″

The post Bitcoin’s 24-hour trading volume pales in comparison to a stablecoin’s volume appeared first on AMBCrypto.

Post written by our friend Akash Girimath and Syndicated from ambcrypto
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