Tether 24 hour trading volume surpasses Bitcoin, Solana, USDC and Ethereum combined

Tether USDT’s 24-hour trading volume is greater than the combined total of the following five digital assets, including Bitcoin and Ethereum:

Considering Tether’s dominance in trading volume provides insight into market liquidity. CryptoSlate According to the data, Tether (USDT) maintains a higher trading volume than Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Solana (SOL), and First Digital USD (FDUSD), giving it a significant presence in the market. Specifically, Tether has a 24-hour trading volume of over $55 billion, far surpassing Bitcoin’s $28 billion and Ethereum’s $15 billion.

A look at the trading patterns of Tether, which has a market capitalization of over $112 billion, shows that trading volumes have remained consistently strong throughout 2024, peaking at $130 billion on March 16. Tether’s stability and frequent use in trading pairs make it a favored choice for traders looking to hedge against volatility.

these Volume The statistics reflect broader market trends as Tether offers liquidity and stability: Tether regularly achieves daily trading volumes of over $25 billion, strengthening its position as a leading liquidity provider in the cryptocurrency ecosystem.

Tether daily trading volume (Statista)Tether daily trading volume (Statista)
Tether daily trading volume (Statista)

According to data from Glassnode, Bitcoin and Ethereum trading volumes are expected to hover around $4 billion to $8 billion per day through 2024, far below Tether’s volume.

Bitcoin and Ethereum Trading Volume (Glassnode)Bitcoin and Ethereum Trading Volume (Glassnode)
Bitcoin and Ethereum Trading Volume (Glassnode)

Tether’s high trading volume relative to other major digital assets demonstrates the important role it plays in daily trading activity and the broader market strategies employed by traders and institutions. This sustained high volume trading signifies trust and confidence in Tether’s stability and accessibility, making it essential for efficient market functioning.

Tether has faced numerous issues in the past regarding its reserves and its use for illicit activities, but the volume demonstrates the company’s tenacity in fighting these allegations. Tether CEO Paolo Ardoino recently told CryptoSlate that Tether is currently over-collateralized and that the company’s profits are being pumped back into reserves to bolster stability.

Additionally, Ardoino commented that Senator Warren’s recommendation that accounting firms refrain from doing business with Tether resulted in the company losing access to one of the top four accounting firms in the United States for an audit. The CEO claimed that Tether is continually seeking a contract with one of the larger firms, but that despite its efforts, it has all but given up on the idea of ​​doing so anytime soon.

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