Tether’s Daily Trading Volume Surpasses Bitcoin, Solana, USDC, and Ethereum Combined
Tether’s USDT trading volume over a 24-hour period surpasses the combined total trading volumes of five other major digital assets, including Bitcoin and Ethereum.
The dominance of Tether in trading volume sheds light on market liquidity trends. Data from CryptoSlate reveals that Tether (USDT) maintains a higher trading volume compared to Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Solana (SOL), and First Digital USD (FDUSD), underscoring its significant market presence. Specifically, Tether recorded a 24-hour trading volume exceeding $55 billion, far exceeding Bitcoin’s $28 billion and Ethereum’s $15 billion.
With a market capitalization exceeding $112 billion, Tether’s trading patterns indicate consistent robustness throughout 2024, reaching a peak of $130 billion on March 16. Tether’s stability and widespread use in trading pairs position it as a preferred choice for traders looking to hedge against market volatility.
These trading volume statistics reflect broader market dynamics as Tether plays a crucial role in providing liquidity and stability. Tether consistently achieves daily trading volumes exceeding $25 billion, solidifying its position as a key liquidity provider in the cryptocurrency ecosystem.
According to Glassnode data, Bitcoin and Ethereum have witnessed daily trading volumes ranging from $4 to $8 billion throughout 2024, significantly lower than Tether’s trading volumes.
The substantial trading volume of Tether compared to other major digital assets underscores its essential role in daily trading activities and the overall market strategies adopted by traders and institutions. This sustained high-volume trading signifies trust and dependence on Tether’s stability and accessibility, making it indispensable for the efficient functioning of the market.
While Tether has faced challenges related to its reserves and alleged involvement in illicit activities in the past, the current trading volumes demonstrate its resilience in addressing these concerns. Tether’s CEO, Paolo Ardoino, mentioned that Tether is currently over-collateralized, with profits reinvested into reserves to enhance stability.
Ardoino also highlighted the impact of Senator Warren’s discouragement of accounting firms from engaging with Tether, hindering the company’s ability to secure a top accounting firm for audits. Despite ongoing efforts, Tether’s quest to engage a leading auditing company remains uncertain in the near future.
