Total trading volumes of Tether dollar (USDT) in the last 24 hours have exceeded those of bitcoin (BTC).
According to CoinMarketCap, in fact, in the last 24 hours, the total volume in dollars of all cryptocurrency transactions on exchanges involving USDT was over 19 billion dollars, while those in BTC were less than 18 billion.
Until today, it was practically always bitcoin that dominated unchallenged the cryptocurrency trading volumes on exchanges. However, as of April 2019 in particular, volumes in USDT began to rise from less than USD 10 billion to more than USD 20 billion in a few days.
Since then, they have been very sustained, with a peak exceeding 42 billion dollars on June 27th.
BTC’s trading volumes were more or less in line with those of USDT during this period, with a peak of 46 billion on June 27th as well. In fact, the daily trading volumes in BTC always exceed, albeit slightly, those of USDT, although today an overtaking has taken place.
At the moment, 32% of all trading activities monitored by CoinMarketCap involve USDT and this growth seems to be due to the fact that more and more altcoins are being traded against USDT and not BTC.
The largest trading volumes are those of the pairs involving the US dollar, with over 33% of all trades taking place, while BTC stops at 30%. The share of the USD itself has risen dramatically in the last 12 months, from 15% to around 24%, before rising to current levels. But, as of July 20th, USDT is in second place, with BTC now in third place.
It is, therefore, no coincidence that the total supply of USDT has also grown very rapidly recently. In April it was $2 billion, while now, almost three months later, it has practically doubled.
Tether’s dominance among stablecoins is total: 98.6% of the stablecoin market consists of USDT trades, while the second stablecoin per market capitalisation is USD Coin, with one-tenth of Tether’s market capitalisation.