Bitcoin has always been considered the most popular cryptocurrency for trading, but gradually the Tether stablecoin came out on top in popularity — 70% of transactions on exchanges take place in pairs with USDT.
According to the publication The Block, 70% of transactions by volume now take place in pairs with USDT. Pairs with bitcoin account for only 15% of the trading volume. The remaining altcoins occupy about 4% of the market.
The constant decline in trading volumes in bitcoin-denominated pairs began in 2017. Then 50% of the trading volume was occupied by pairs with BTC, and only 5% with Tether. Also, trading with the US dollar was very popular, which occupied about 40% of the market.
As he thinks
analyst of the publication Larry Cermak( Larry Cermak), a significant impact on the decline in the share of trading with BTC had a drop in the popularity of the derivatives exchange BitMEX. Previously, it occupied a significant market share, and trading on it is conducted in pairs with BTC. Now the platforms for trading derivatives OKEx, Huobi and Binance have become very popular. On these platforms, the main trading pairs are denominated in USDT.
Recently, it was reported
that the total market capitalization of stable cryptocurrencies exceeded $20 billion. Thus, this type of crypto assets has grown 4 times in 2020.