Cumulative Tether Transaction Volume Hits $600 Billion
In a groundbreaking revelation, Tether has crossed an extravagant milestone, with its cumulative transaction volume now soaring past $600 billion. According to analytics provider Glassnode, Tether’s traffic on the blockchain has ramped up a staggering 20% in just 30 days. Talk about an espresso shot for the crypto market!
Understanding the Numbers: Daily vs. Cumulative
Before you start waving your pom-poms, it’s worth noting that this figure is cumulative, not an average Tuesday’s worth of trading. The daily transaction volume hovers around $35 billion, as reported by Coingecko and Coinmarketcap, making Tether a titan in exchange trades. To put it in perspective, Bitcoin’s daily haul ranges between $20 to $25 billion, clearly granting Tether the bragging rights for now.
USDT Supply: What’s Happening?
When it comes to the nitty-gritty of supply, Tether has seen an almost mind-boggling 300% growth since the start of the year. Back in January, there were merely $4 billion worth of USDT in circulation. Today, it’s almost $16 billion! And for those following the Ethereum debate, around 65% of all Tether is chilling on the Ethereum blockchain.
Futures Contracts: Tether vs Bitcoin
In an astounding twist of events, USDT-margined futures contracts are now giving Bitcoin-margined contracts a run for their money. Analytics provider Skew points out that these futures are now nearly on par with those based on Bitcoin, indicating a tidal shift in how crypto traders are betting their bucks.
The Rise of Tether in Exchange Volumes
Fast forward to the present, and Tether is playing a dominant role within the exchange ecosystem. In 2017, Tether’s trade volume was but a whisper compared to Bitcoin, which commanded over 50%. Fast forward three years, and USDT pairs take up about 70% of exchange trade volume. Looks like Tether’s on everyone’s lips (and wallets) these days!
Tether’s Future: What Lies Ahead?
Speculations abound regarding Tether’s market capitalization potentially overshadowing Ethereum by 2022, as Tether’s current market cap is approximately 38% of Ethereum’s. Tether’s CTO, Paolo Ardoino, believes it’s a testament to how the stablecoin has secured its position as a trusted asset in the crypto realm—no small beans considering the backdrop of ongoing legal battles with the New York attorney general regarding its backing.
In a world replete with uncertainties, Tether is making waves, and the stakes are high. The outcome of Tether’s court case could solidify its grip on the crypto landscape, or, well, not. Stay tuned!
