Bitcoin values for about 70% of the world’s deposit on cryptocurrency. With figures like that you might think that Bitcoin is the world’s largest cryptocurrency. And for a couple of years it even was. But not anymore, even with the high deposits, Tether is the world’s most used cryptocurrency.
Tether has a market volume which is 30% smaller than compared to Bitcoin. However, CoinmarketCap.com lists Tether as the most traded coin in terms of daily and even monthly stats. Tether’s trading volume even surpassed Bitcoin’s for the first time in April as it surpassed a trading value of $21 billion per day.
Tether’s daily trading stats puts it over 18% higher above Bitcoin’s trading stats and it is without a doubt the most traded coin in the environment. Tether’s also one of the reasons why regulators keep a heavily guarded eye on crypto currencies regarding the extremely high trading value.
Without Tether the market would cap out a value of a $1 billion dollars of circulation which might lead to many concerning potential investors driving away and many markets to go down within days. One of the many reasons that Tether is being dealt at a very high volume is the reason that it is considered as an extremely stable coin with rare dips in price.
It an under a doubt, the ecosystem where most traders deal and trade cryptocurrency. Many reports also suggest that in a country like China which has complete ban over selling or trading cryptocurrencies, people buy token with cash and then later use them to trade for a similar currency of kind.
Asian traders have occupied for about 70% of the Tether database of consumers. Tether has also been used as a mode of payment on at least two of the world’s top world exchanges in Binance and Houbi. In 2017 Tether made a statement about 74% of the tokens bought were in the form of cash payments when they previously quoted that they had a reserve of 100%.