How to Use Volume to Trade Cryptocurrencies: Trading Volume Explained – CoinCrew TV Ep. 4

Contents

Bitcoin trading volume to stablecoins ...

Bitcoin trading volume against stablecoins hits all-time high
CONTENT

  • Bitcoin and Tether hit all-time highs

  • Despite the March market crash, crypto exchanges failed to make much money

  • Bitcoin, meanwhile, begins a slow recovery in price

International consortium of news organizations, developing transparency standards.

USDT stablecoin trading shows unprecedented growth, reaching an all-time high.

According to the report of the analytical service CryptoCompare, the trading volumes of the bitcoin cryptocurrency paired with the stablecoin Tether (USDT) in March 2020 became a record in the history of cryptocurrencies..

The volume of Bitcoin in circulation with USDT in March amounted to $ 21.6 million, surging from $ 7.7 million in February, which was + 182% growth in just one month.

Now the BTC / USDT trading pair covers almost 73% of all Bitcoin transactions with stablecoins and traditional currencies like the dollar, euro and Chinese yuan.

At the same time, trading pairs with such stablecoins as USD Coin (USDC) and Paxos (PAX) surpassed the trading volumes with BTC / EUR and BTC / KRW.

It is also noteworthy that from July to November 2017, the most popular method of buying bitcoin was precisely the US dollar, but already in December of the same year, stablecoin..

Bitcoin trading volume to stablecoins ...

stablecoins) – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. WITH…

Bitcoin trading volume to stablecoins ...

More USDT has become the main way of trading with bitcoin.

According to the latest data published on the Tether website, the total amount of USD ₮ assets has crossed the $ 6 billion mark.

Market recovery

According to CryptoCompare, the two largest cryptocurrency exchanges still remain in monthly volume with billions of dollars in turnover: OKEx and Binance..

Since December 2019, the turnover at these two sites has been growing steadily. It is also noteworthy that despite the March collapse of the cryptocurrency market caused by the coronavirus pandemic and the oil war, the trading volumes on the exchanges still could not get close to the values ​​of 2017.

However, for the month of March, the trading volume for all major cryptocurrency exchanges still increased by 8% to $ 288 billion.

Unexpected beneficiary

Meanwhile, the cryptocurrency is showing strong growth starting Thursday, April 2.

In just a couple of days, the largest cryptocurrency in terms of capitalization and its forks managed to make a real bullish breakthrough, soaring in value by more than 10%. 

It is noteworthy that the largest gain this week was in Bitcoin SV (BSV), which managed to grow by 16.69% in just a day..

On moment of writing, BTC / USD is trading at $ 6,787.

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Bitcoin trading volume to stablecoins ...

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