Tether (USDT) Pairs Dominate All Major Exchanges as Volatility Returns To Markets

Tether (USDT) Pairs Dominate All Major Exchanges as Volatility Returns To Markets

While crypto markets have been bleeding for little over a week now, investors and traders have very little safety to hide. Here comes Stablecoins to rescue and this is clearly visible as all leading exchanges are showing an exponential rise in trading volume for stablecoin especially Tether(USDT) pairs.

BTC/USDT pair show a sharp rise in volumes at Binance, OKEx, and Huobi

Its been observed that, over past 24 hours, BTC/USDT trading has accounted for around 25% of all trades on the world’s leading cryptocurrency platforms- Binance, OKEx, and Huobi. Not just pairs with BTC, Tether pairs with other cryptocurrencies are also seeing a sharp rise in volumes

Binance currently has over 26% of all its trades in BTC/USDT. The second most traded pair on Binance is XRP/USDT- a stable coin pair with the second largest cryptocurrency.

USDT

Same has been the case at Huobi and OKEx where BTC/USDT trade dominates 24.50 % and 21.50% respectively

USDT

 

USDT

 

It’s not just Tether (USDT), nearly all stablecoins have seen a rise in volumes since the prices have started going down. Following chart shows the rise in volumes in TrueUSD (Green), Paxos (Yellow), USD Coin(Blue), Dai (Orange) and Gemini Dollar (Dark Green).

USDT

 

Stablecoins, that are pegged to Fiat currencies in the ratio of 1:1, were created to absorb the volatility of crypto assets and give investors and traders a shelter from losing their capital. Stablecoins were a buzzword in the second half of 2018, as a lot of companies and exchanges announced their own stablecoins in order to meet the growing demand from users. While Bitcoin and other cryptos were in hibernation for around 3 months with minimal price volatility, stablecoins weren’t in much utility. But now as the volatility has seeped into the markets, people are now bringing stablecoins to best of their use.

While investors and traders are currently using stablecoins to their best, it’s yet to be confirmed how many investors have been able to save their capital using this tool. Will the confidence of the trading community also stay intact with stablecoins- well we will have to wait and see?

Will stablecoins help traders and investors stay in the market rather than moving out? Do let us know  your views on the same

 

The post Tether (USDT) Pairs Dominate All Major Exchanges as Volatility Returns To Markets appeared first on Coingape.

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