Stablecoins outperform Bitcoin with the highest transfer value in the crypto market
Stablecoins show higher transaction volume curve than Bitcoin
Bitcoin lost about 1% in one week and, at the beginning of the new business week, the currency is trading around $ 9,200. the most stock indices also remained during a sideways price trend last week. This weak dynamic are often seen as calm before the storm. Crypto market participants are “frozen” in anticipation of the new deciding factor which will move the market out of its stalemate.
In the meantime, we are witnessing a unbroken decline in BTC trading volumes. consistent with CoinMarketCap, they fell another 16% during the week to the extent of around $ 13 billion. If we take under consideration data from aggregators that specialise in the “real trading volume”, the image becomes even more bleak. consistent with BitcoinTradeVolume, the particular volume of Bitcoin trading per day is $ 430 million.
The data provider Messari points out that the sole cryptocurrency with daily trading volumes in more than one billion dollars is that the stablecoin Tether (USDT). At the instant , the coin shows $ 1.5 billion each day . The closest stablecoin in terms of volume is that the USD Coin (USDC), which shows only $ 32 million per day. it's very likely that stablecoins will only grow over time.
This scenario will attract tons of attention from regulators. If Bitcoin was a "project in itself", and its value rising to $ 20,000 was "easily cut" several times, while still pushing tens of thousands of retail investors out of the market, stablecoins are already within the field. banks game. it's quite possible that integration with the normal banking sector is feasible supported stable cryptocurrencies (stablecoins), although this approach initially expects resistance.
There are several possible scenarios for volatile cryptocurrencies. One is that, after the top of the formation period, the worth of the coins is fixed on the brink of a particular price index . Ethereum and other projects that go well beyond speculative interest can follow this scenario. Bitcoin and other highly volatile digital currencies, on the opposite hand, would need to accept “tulip mania” status or perform network updates that might allow them to draw in non-speculative interests.
The cryptocurrency market is extremely small in size compared to the normal market. At the instant , it's going to have a very strong impact on the prospects of digital currencies, given the attractiveness of the stock exchange and therefore the view of institutional Bitcoin investors as a risky asset.
The cryptocurrency market is extremely limited in maneuverability, and any significant decision by institutional investors will create a huge wave. Unfortunately, the likelihood of a “growth wave” during this case is sort of low.