Despite Idling Trading Volume, Daily Transaction Count For Tether Reaches All-Time High Levels
Even With Idling Transaction Volume, Daily Transaction Count For Tether Reaches All-Time High Levels
- Mati Greenspan comments on the changing transaction counts for Tether, despite the unchanging volume.
- Tether is presently valued at $1.01 per USDT.
The cryptocurrency market has been seeing a lot of progress in the last few weeks. Most notable has been Bitcoin’s surge above the $7,000 price level, but Tether also saw some progress recently. Pushing the collective market cap up to $200 billion for the first time in seven months, Tether was a pivotal force with 50,000 transactions, which is a record high for the asset.
Mati Greenspan, the lead analyst for eToro, recently directed the attention to the community about these interesting changes.
The value of the Tether stablecoin has been changing a lot lately, considering the alleged “fraud” that has involved themselves and Bitfinex. The value took a dive for a small time, considering that it was not actually pegged to the US dollar in the process. There have been many analysts to weigh in on this situation, saying that it could cause the end of stablecoins since Tether’s “security” is being significantly doubted.
Tether has kept up with a substantially relevant price in the market and maintained a record transaction count. After the company fell with the continued pegging to the stablecoin by other exchanges, Tether still recovered quickly, even with all of the other options on the market that actually complied with the regulations in the US.
Greenspan made sure to note that the stablecoin did not see a substantial change in the transaction volume, even with the transaction count being so high. At this point, the current volume is approximately $500 million daily.
According to data from CoinMarketCap, the Tether USDT stablecoin is presently trading at $1.01, seeing a 1% increase in the last 24 hours. The circulating supply is relatively close to the market cap at 2,778,093,795 USDT. The total market cap is $2,799,489,071, based on the CMC information.