The number of investors choosing virtual assets mainly Tether are increasing with every day passing as an inflation hedge amid the COVID-19 pandemic has led to new records in crypto assets trading volume.
In line with recent data presented by BuyShares.co.uk, Tether [USDT], as the most widely used cryptocurrency, reached over $1 trillion in monthly trading volume within this month in August, which is over 49% than the leading cryptocurrency Bitcoin [BTC].
Tether Favoured More Than Bitcoin
With monthly trading volume nearly 50% above that of Bitcoin, Tether, without a doubt, represents the foremost important coin within the international cryptocurrency ecosystem, as the world’s most used stablecoin, it’s also a pathway for several active traders within the crypto space.
As the world’s leading cryptocurrency in terms of market capitalisation, Bitcoin reached over $702 Bln monthly trading volume within this month in August, as per recent data revealed the CoinMarketCap.
On the other hand, Ethereum [ETH] ranked at the 3rd position is on the list of the most-traded cryptos, with over $367 Bln in just 30-day purchase volume.
Statistics also reveal that Ethereum witnessed the foremost significant market capitalisation hike within this year in 2020. In just last 8 months, the market capitalisation of the fourth most-expensive cryptocurrency surged by 210%, rising from over $14 Bln earlier in January to over $44 Bln at the starting of this week .
The other altcoins – Litecoin, EOS, & Ripple follow, with $79 Bln, $76.5 Bln, and $66 Bln in monthly trading volume, respectively. The CMC data reveal that the 3 leading cryptocurrencies hit over $2 trillion in monthly trading volume.
Tether Surged By Over 140%
Besides ranking as the foremost traded coin within the crypto assets, Tether also witnessed a big increase in market capitalisation following this year in 2020.
Also earlier in January, the market capitalisation of the world’s 4 – largest cryptocurrency stood over $4 Bln. Within the upcoming 3-months, this figure increased to over $6 Bln. The increasing trend continued within the following months, with Tether market capitalisation increasing to over $9 Bln by the end of this month in June.
Since then, Tether market capitalisation has grew by over $800 Mln, reaching over $10 Bln just last week, which is indeed a 140% high jump since the starting of this year.