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- During the past year, investors, traders, and users appear to have been obsessed with the three digital assets. These assets are currently holding 90 percent of trading volume amid the top ten cryptocurrencies.
- Moreover, these currencies have pulled 90 percent of total real trading volume amongst the top ten cryptocurrencies by market capitalization.
- The growth of USDT’s trading volume has come as that of small cryptos such as EOS, Litecoin, Binance Coin, and others.
During the past year, investors, traders, and users appear to have been obsessed with the three digital assets namely bitcoin, Ethereum, and Tether (USDT). These assets are currently holding 90 percent of trading volume amid the top ten cryptocurrencies.
Investors’ first choice BTC, ETH, and USDT
A number of digital currencies that emerged in recent years were found virtually with no trading volume. However, it indicates that the investors are attracted to quality as a part of their investment theories.
According to recent research by blockchain analytics firm Messari, Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) are the three top cryptocurrencies for trading volume throughout the year 2020.
Moreover, these currencies have pulled 90 percent of total real trading volume amongst the top ten cryptocurrencies by market capitalization.
The Ethereum analyst at Messari, Wilson Withiam shared this data on Twitter saying the crypto trading volume in the year 2020 has been about BTC, USDT, & ETH. As the three now signify approximately 90% of the real volume within the top ten cryptocurrencies.
Crypto trading volume in 2020 has been all about BTC, USDT, & ETH
These three now represent ~90% of real vol within the top 10 compared to 75% just 1 year ago
— Wilson Withiam (@WilsonWithiam) May 13, 2020
The data shown in the graph somewhere indicates that the trading volume of BTC and ETH has remained constant.
Tether is outperforming amongst top ten virtual currencies including Bitcoin
Besides this, the Tether is growing in terms of trading volume on a percentage basis out of the top ten virtual currencies. This indicates that users are widely relying on the US Dollar as a safe haven.
USDT's increasing share of real vol is not surprising
As @QWQiao noted, crypto is dollarizing at a rapid rate because the world still views the USD as a great store of value, especially in times of crisis
Stablecoin demand shows no signs of slowing downhttps://t.co/7NzjtXhiEw
— Wilson Withiam (@WilsonWithiam) May 13, 2020
The growth of USDT’s trading volume has come as that of small cryptos such as EOS, Litecoin, and Binance Coin.
Withiam stated that cryptocurrency is “dollarizing” rapidly as the global opinion of USD is still being a great store of value and especially at the time of crisis.
