Billions of dollars in crypto coins are traded every day. Bitcoin remains one of the most traded crypto coins worldwide, but has to give up the first place in terms of trading volumes to another digital currency: tether.
A correction last weekend has seriously hit the market value of many crypto coins. Value decreases of more than 20 percent were no exceptions at the time. Many coins have not yet recovered from that correction. For example, bitcoin is currently worth $ 53,800. That is 14.2 percent less than seven days ago. Germany Crypto website is popular.
Tether vs. bitcoin
Nevertheless, with a market capitalization of more than 1,000 billion dollars, bitcoin remains the absolute emperor of the crypto coins. But that does not mean that the digital currency is the most traded crypto currency at the moment. In that area, bitcoin must let tether go first. According to Coinmarketcap, a site that tracks the prices of crypto coins, the trading volume in the past 24 hours was a whopping $ 139 billion. Bitcoin trading volume has been limited to $ 61 billion over the past 24 hours. That is more than 50 percent less.
The trading volume of dogecoin, the joke coin that hit record prices earlier this week, has been limited to $ 10.6 billion over the past 24 hours. The price of the crypto coin has fallen from $ 0.42 to $ 0.27 since its high on April 19. That is a decrease of 35 percent.
Tether is currently the fifth most valuable cryptocurrency on the market. The currency has a market capitalization of $ 49.3 billion. That is admittedly a fraction of the mastodon bitcoin.
Stablecoins
Despite the high trading volumes, tether is one of the more stable cryptocurrencies on the market. It therefore belongs to the group of “stablecoins”. The price of those coins is linked to cryptocurrency, fiat money or exchange-traded goods. Tether is pegged to the US dollar. As a result, enormous price fluctuations, such as with bitcoin or dogecoin, are virtually non-existent. This means that the currency is not so popular with people who want to make a quick profit. Crypto Portugal currencyconverters.org is popular.
But why is the currency traded so much? According to experts, tether is popular mainly because it can be used as a digital dollar to facilitate transactions and trade between cryptocurrencies. Furthermore, many investors use the currency to hold their crypto profits for a while because the currency is much less volatile.