Bitcoin is considered as the King Coin by many and the moniker holds true for most aspects, however, there is one cryptocurrency that trumps the 24-hour trading volume of Bitcoin, it is Tether [USDT].
Even with the massive on-going rally and massive volatility in the market, the most popular cryptocurrency, Bitcoin’s 24-hour trading volume falls short when compared to Tether, which has a 24-hour trading volume of $29 billion, while that of Bitcoin is at $27 billion.
Tether is in the midst of a massive battle against the U.S. regulators and might have breathed a sigh of relief due to the recent motion filed by the New York Supreme Court judge. Despite Bitcoin’s popularity and having first-mover advantage, it lags behind Bitcoin in terms of trading volume and it can be attributed to Tether’s market cap, which is more than that of Bitcoin and is being used by most exchanges.
Since it is used by top exchanges around the world, it acts as a base pair for most cryptocurrencies; moreover, stablecoins are an on-ramp to buy and sell cryptocurrencies, although alternative methods have been developed over the years.
Moreover, Tether’s transaction count reached an all-time high on May 16, 2019, i.e., 65.89K
A Twitter user @CasPiancey, commented:
“For days, more Tethers have been traded than Bitcoin. Wrap your head around that: despite an injunction, despite being owned by Bitfinex, despite not being backed 1-1, more people are buying and selling Tethers than Bitcoins. lol”
@c4s88715619, another Twitter user commented:
“If tether disappear tomorrow from the markecap, there is a good chance to see the price of BTC having a 3 digits value and a lot of bag-holders wondering : ” how come?