Tether Tops Bitcoin’s Trading Volume Again as USDT Plays Its Part in ‘2019 is the Year of Stablecoins’ Motto
The speculation that 2019 will be the year for all stablecoins seems to have begun already as Tether (USDT) recorded transaction volumes matching the ‘King Coin' Bitcoin (BTC).
On the 28th of May 2019, the cryptosphere witnessed USDT's 24hr transaction volume surpass that of Bitcoin (BTC) by about $1 billion, USDT recorded a volume of $27.2 billion, while BTC saw a volume of $26.7 billion.
Factors Of The Fall And Rise Of USDT
This hike in Tether trading volume came as a surprise to most as the stablecoin struggled out of the crypto winter. The main cause of this was the recent scandalous Bitfinex and Tether legal issues, which caused a drop in USDT user confidence and investor trust.
The present Tether surge is possibly linked to their announcement of the printing USDT worth about $300 million and also an improved effort to introduce new ICO listings as well as new trading pairs to attract potential new cryptocurrency enthusiasts.
‘whale trading' could also be a factor to this Tether surge, which could also lead to a huge drop in the future.
Notably, a Twitter user, @lawmaster, a crypto researcher tweeted :
“Something really interesting is happening – there is now a 0.6% discount on Tether, which means that Tether is actually more expensive than USD on all the major exchanges. This started happening late at night yesterday and the discount has been sustained since”
USDT May Surpass BNB
Although Tether has not given any official statement about the stablecoins trading predictions, there is obviously a rise in the stablecoin market.
If the stablecoin keeps on the current rising path, there is a possibility of USDT taking the position of the Binance Coin (BNB) as the 7th largest digital currency on Coinmarketcap.