A nearly identical story is noted in trading volumes, where Tether dominates with a 75% lead.Consolidated crypto volume by base pair.
Data from CryptoCompare shows USDT holding a nearly 73% volume market share over the past three months.
"In terms of Bitcoin trading into USDT or other equivalent stablecoins such as USDC or PAX, we haven't seen a significant shift in terms of volume."
A stablecoin on-ramp is irrelevant to Bitcoin priceMost traders have grown accustomed to using Bitcoin as the primary gateway to cryptocurrencies.
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.
Volume dominance is a key factorMichael Saylor, the co-founder and CEO of MicroStrategy, believes that BTC's primary use is reserve currency.
Unlike traditional Bitcoin dominance data based on market capitalization, Saylor's analysis only includes coins based on proof-of-work mechanisms.
Even if one compares Bitcoin's volume to a broader asset base, it matches the top 20 altcoins' sum when analyzing transparent volume.
Keeping the above data in mind, it is safe to say that stablecoins are not competitors to Bitcoin in market capitalization or volumes.
Bitcoin volume unaffected by Tether's market dominance
에 게시 됨 Oct 14, 2020
by Cointele | 에 게시 됨 Coinage
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