Tether (USDT) has reached an important stage in the crypto market, as USDT Surpasses BTC, ETH, USDC, and SOL. Recent data has shown that USDT’s 24-hour trading volumes left the other major cryptocurrencies in the dust. The surpassed crypto include Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Solana (SOL).
Also Read: What is USDT?
Tether USDT Outperforms BTC ETH, USDC, and SOL in 24-Hour Trading Volume
Below you can observe some of the most important highlights of USDT’s latest performance:
- 24-hour trading volume exceeded $55 billion
- Surpassed the total trading volume of BTC, ETH, USDC, SOL, and FDUSD combined
- BTC’s trading volume reached over $28 billion
- ETH’s trading volume surpassed $15 billion
These achievements can only be appreciated if we take a look at the USDT’s recent historical data:
As you can see, the trend shows a clear improvement from June’s numbers:
- July 1, 2024: $45,876,476,553
- June 30, 2024: $34,937,001,727
- June 29, 2024: $28,311,234,049
- June 28, 2024: $48,868,972,915
- June 27, 2024: $45,267,792,573
The increase in USDT’s trading volume was influenced by a few important factors:
- Increased market volatility
- The ever-growing use of stablecoins for trading
This trend showcases the importance stablecoins have in the crypto ecosystem.
Also Read: How to Send Tether?
As it was to be executed, the market will have a reaction to these changes. These can include enhanced liquidity in crypto trading pairs. Furthermore, it can increase the confidence in using stablecoins, and this can cause a shift in trading patterns.
The gap between USDT and other crypto’s trading volumes is important, and quite large. While Bitcoin and Ethereum still have good trading activity, USDT’s volume has skyrocketed.
When it comes to predicting how the USDT’s trading volumes will change over time, we need to consider a few elements:
- Improvements in the regulatory system of the stablecoin sector
- The overall market sentiment and crypto adoption levels
- Possible competition from other stablecoins and CBDCs
As noted by CryptoSlate:
“USDT’s trading volume in the past 24 hours exceeded US$55 billion, exceeding the total trading volume of BTC, ETH, USDC, SOL, and FDUSD in the same period.”
Also Read: Tether Announces End to USDT Minting on EOS and Algorand
This statement makes it clear that the stablecoin plays an important role in maintaining the crypto transaction market. As the market evolves, the role of stablecoins might change forever. Only time we tell, but we live in very interesting times!