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30 October 2020

Bitcoin volume unaffected by Tether’s (USDT) market dominance — Data shows

Bitcoin volume unaffected by Tether’s (USDT) market dominance — Data shows


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Bitcoin volume unaffected by Tether’s (USDT) market dominance — Data shows.

Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months. .

Data from CryptoCompare shows USDT holding a nearly 73% volume market share over the past three months.

This solution might have been the only, or at least, the most liquid for most traders in 2017 or 2018, but as the stablecoin market grew, volumes on altcoin paired to USDT soared.

A similar trend occurred with the remaining altcoins, confirming that Bitcoin is not losing volume as stablecoins establish themselves as the dominant base pairs.

By analyzing the combined cryptocurrency market volume, one can determine whether stablecoins have been increasing overall market share or simply taking markets away from Bitcoin.

Keeping the above data in mind, it is safe to say that stablecoins are not competitors to Bitcoin in market capitalization or volumes. 

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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