Tether, a fixed value crypto currency (fixedcoin), holds 70% of the cryptocurrency trading volume.
According to studies conducted after Tether’s dominance over cryptocurrency trading pairs has increased significantly in recent years, transactions with Tether make up almost three-quarters of the entire market.
Tether, Champion of the Last Three Years
The Block conducted a research on the volume of USDT, which has become one of the largest cryptocurrencies with a market cap of billions of dollars. According to the research, only 5% of the trade volume was in Tether (USDT) in 2017, while Bitcoin (BTC) trading pairs accounted for about 50% of the volume and USD pairs about 40%. Looking at the situation from the bridegroom today, it is seen that while USDT occupies 70% of the current volume, BTC pairs remain around 15%. According to the Tether Transparency Report, the USDT supply approaching $ 16 billion has reached a level equivalent to almost 65% of the total amount.
King of Trade Tether
Larry Cermak from The Block stated in his report that BitMEX lost its market share with the accusations on it, and stated that most of the guarantees in crypto currency derivatives will be realized with Tether. Adding that Tether’s throne, which currently has a trade volume of 70% in the market, is quite solid, Cermak mentioned that this dominance can continue for a long time unless there is a regulator intervention.
Investors Avoid BitMEX
According to a blog post published by FlipsideCrypto, accused by the US of money laundering and breaking banking laws, BitMEX lost thousands of BTC in just three days. BitMEX, known as the largest crypto currency derivatives exchange, was sweated by investors after the lawsuit. Investors withdrawing almost 76 thousand BTC from the stock market in the first days of October caused BitMEX to lose its market share.