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Current crypto market sentiments and Tether transaction volumes at various crypto payment processors suggest that Tether (USDT) is becoming one of the most traded digital assets in the crypto market, leaving Ethereum (ETH)trade behind in the third place and even Bitcoin(BTC)trade in the second place (!) in 24 hour volume.
Blockchain records show that crypto exchanges such as Binance and Bitfinex have accumulated a large volume of USDT from unknown wallets. The big Tether whales, in the form of a large number of Tether transactions, continue since the beginning of the week taping into the huge potential growth of USDT in the crypto market. In addition to all of this, Tether has also recently benefited from a significant growth in its application as a payment option for goods and services across the globe.
The crypto industry has witnessed a significant recovery throughout the year and sustained meaningful growth from last week. As Bitcoin and other popular cryptocurrencies are moving up and touching new highs, the new crypto players keep trying to move with the market. Tether clearly seems to become one of the most valuable stablecoin players which didn’t only move with the market but also left giants like Bitcoin and Ethereum behind, at least in terms of daily volume.
Crypto exchanges like Binance and Bitfinex have been reporting a series of Tether transactions which could obviously be considered as serious big money movements. Around $40 million and then $16 million in USDT were transferred to Binance on the TRON blockchain from an unknown wallet address, and $6 million in USDT were transferred to Bitfinex from another wallet address on the Ethereum blockchain.
The above mentioned transactions are a few of the series of a large number of Tether transactions conducted in the past week. Last week, the crypto market witnessed one of the largest rallies this year followed by a whopping transaction of $134 million between Bitcoin wallets. Also in the past week, a total of 16 million new USDT were minted by Tether.
Tether Still Far from Bitcoin’s Market Cap
Despite its significant growth, Tether has a long way to go before it could beat Bitcoin which has enjoyed a considerable growth in its market capitalization during the recent rally. Bitcoin’s market cap went from a little below $150 billion to a high of almost $180 billion, and currently set at almost $164 billion, recording a weekly gain of approximately 11%.
Several other cryptocurrencies, however, successfully left Bitcoin behind in terms of gaining and sustaining growth. China-based NEO was leading the pack with an incredible nearly 60% growth as China pushes blockchain innovation forward. Another cryptocurrency, Ontology (ONT), gained 60% followed by TRON which gained well over 30% consolidating its position as 10th largest cryptocurrency by market cap