Bitcoin which weighs around 70% of all digital-asset world’s market value was beaten down by Tether which now reigns as the most used cryptocurrency in the digital market up to date.
In toady’s finance market reports and results of any trade and volumes are hard to find in any charts present online.
A recently reported data from CoinMarketCap.com shows Tether having the highest volume in both day and monthly trades, Yet Tether has 30 times smaller market capitalization, But in April Tether took over Bitcoin for having a higher trading volume and has Increased from that and has been reaching around $21 Billion per day, seen in early August.
Tether is now currently trading at $1.01 USD and has an ROI (Return on Investment) of 0.52%, It has a Globally designated rank of #4. It has a market cap of $4,129,600,377 USD, it has a total supply of 4,207,771,504 USDT . Tether has an equivalent value of 500,902 BTC in Bitcoins. In the current month Tether’s trading volume was 18% more than that of Bitcoin, which marks tether as an important coin and asset in the cryptocurrency ecosystem.
Tether Belongs to a group of tokens whose price mostly avoids fluctuation often through pegs or reserves and hance Tether is named as the world’s most used Stablecoin. Tether is mostly used by Asian traders, having 70% of all crypto trading volume. Also in a similar report by CoinMetrics, Binance and Huobi shared 40% and 80% of all Tether transactions respectively throughout the world. Most of the Cryptocurrency exchange platforms use Tether as an Intermediate against USD for transactions and Holding due to strict regulations from governing bodies. This has led to making the traders believe they have actual dollars in an account which is actually Tether in a deceptive form.
Tether, unlike Bitcoin, is managed, regulated and controlled by a Private firm based in Hong-Kong which also owns BitFinex. The working of Tether is quite uncertain, this raises the question of whole decentralization and the blockchain technology. Since Tether is clearly being controlled by centralized groups is completely against the technology & purpose of cryptocurrency. Since Tether is a Stable Coin it provides trust fro High Big Companies and also avoids government powers.
Theoretically, the Tether is good for practice, but in use, it welcomes and attracts many risks, abuse, and similar problems faced similar by Fiat Currencies.