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Tether [USDT] fallout buoys competing stablecoin growth, finds Diar report

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Tether, the top stablecoin, maintained its vice grip on the stablecoin market, while competing fiat-pegged cryptocurrencies are experiencing steady growth. USD Coin [USDC] and TrueUSD [TUSD], the other top stablecoins, have however surged in recent months, owing to the Bitfinex-Tether episode.

According to a recent report by Diar, competing stablecoins have surged in the month of May in terms of spot trading volumes, amassing over $4 billion tokens on the blockchain. The trading volumes of the stablecoins over the past 5 months have already surged ahead of total fiat-pegged volumes in 2019.

Source: Diar

In May alone, the Coinbase and Circle-backed stablecoin, USDC, saw a massive 130 percent rise in trading volume, accounting for $3.6 billion, compared to its April sum of $1.6 billion. Launched back in October 2018 during the prolonged crypto-winter, the stablecoin’s trading volume from the first four months of its issuance is still dwarfed in comparison to its April 2019 figure.

Since the beginning of the year alone, the stablecoin grew by 41 percent, stated Diar. Trading volumes reciprocated, recording a 435 percent top-up.

Source: Diar

TrueUSD by TrustToken, the audit-friendly stablecoin, saw its volume increase by $1 billion from $2.8 billion in April to $3.8 billion in the current month, beating USDC’s trading volume by $200 million. Diar added,

“Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.”

Interestingly, the USDT-sans-stablecoin surge occurred as Tether experienced its first month-on-month decline in market share for the first time in 6 months. Holding 81.7 percent of the market in March, USDT’s market share declined to 78.9 percent of the total Bitcoin to stablecoin and fiat market.

May looks to paint a different tale for Tether, given the backlash its parent company is facing. Tether Limited also shares management with iFinex, the company that operates Bitfinex, which allegedly used USDT reserves to cover up its $850 million undisclosed losses.

Source/ambcrypto

Tether

Tether Endures Holding the Stable Ranking with Just 0.3% Downtrend in Last 5 Days

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Celsius Network, which is the industry-leading Cryptocurrency platform, recently increased their interest rates for the stable coins. The deposit will now cost interest rate of 12.03% APR. Tether is one of the stable coins that Celsius Network is supporting along with PAX, USDC, DAI, TUSD, and GUSD.

Tether Price
Tether Chart By TradingView

Considering the data from the last 5 days, USDT was initially seen trading at the highest price point of $1.0019 as on September 15, 2019, at 05:00 UTC. The value was then dropped marginally by 0.56% on September 17, 2019 at 11:20 UTC, to the lowest point in last 5 days pushing it to the trading price of $0.9963.

Yesterday, around 04:00 UTC, the price of Tether escalated by 0.46% trading at $1.0010. From then on, the current trading current value is dropped by 0.29%.

Since last few days, Tether had maintained an upward trend. However, few downtrends were noticed in last 2 days that took the price below the baseline. However, currently USDT value is fluctuating around the pivot point.

Keeping in mind the current volatility of the market and the nature of the coin, we think that the short-term investment will be a carefree one.

USDT Price
USDT Price Chart

While the long-term investment in USDT needs all eyes on the board to hit at the right time. Also, USDT being a stable coin, its value will more or less trade around a similar price range.

USDT Price Chart
USDT Price Chart

Since the coin is currently around the pivot price mark, the immediate resistance level and support level play an important role.

Resistance Levels:

R1: $1.01, R2: $1.01, R3: $1.02

Support Levels:

S1: $1, S2: 0.99, S3: 0.99

Source.cryptonewsz.

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Tether

Tether Endures Holding the Stable Ranking with Just 0.3% Downtrend in Last 5 Days

Published

on

Celsius Network, which is the industry-leading Cryptocurrency platform, recently increased their interest rates for the stable coins. The deposit will now cost interest rate of 12.03% APR. Tether is one of the stable coins that Celsius Network is supporting along with PAX, USDC, DAI, TUSD, and GUSD.

Tether Price
Tether Chart By TradingView

Considering the data from the last 5 days, USDT was initially seen trading at the highest price point of $1.0019 as on September 15, 2019, at 05:00 UTC. The value was then dropped marginally by 0.56% on September 17, 2019 at 11:20 UTC, to the lowest point in last 5 days pushing it to the trading price of $0.9963.

Yesterday, around 04:00 UTC, the price of Tether escalated by 0.46% trading at $1.0010. From then on, the current trading current value is dropped by 0.29%.

Since last few days, Tether had maintained an upward trend. However, few downtrends were noticed in last 2 days that took the price below the baseline. However, currently USDT value is fluctuating around the pivot point.

Keeping in mind the current volatility of the market and the nature of the coin, we think that the short-term investment will be a carefree one.

USDT Price
USDT Price Chart

While the long-term investment in USDT needs all eyes on the board to hit at the right time. Also, USDT being a stable coin, its value will more or less trade around a similar price range.

USDT Price Chart
USDT Price Chart

Since the coin is currently around the pivot price mark, the immediate resistance level and support level play an important role.

Resistance Levels:

R1: $1.01, R2: $1.01, R3: $1.02

Support Levels:

S1: $1, S2: 0.99, S3: 0.99

Source.cryptonewsz.

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Tether

Tether’s migration from Bitcoin’s OMNI to Ethereum drives ETH’s daily transaction fees to the top

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Tether [USDT] has been in the news lately owing to the various developments in its ecosystem. The stablecoin recently moved from Bitcoin’s OMNI layer onto the Ethereum network. More recently, Tether launched a stablecoin pegged to the Chinese yuan called CNHT, which will operate on the Ethereum blockchain.

Tether’s migration from Bitcoin’s OMNI to the Ethereum network seems to have benefitted Vitalik Buterin’s Ethereum. The second-largest coin by market cap, ETH is on the brink of surpassing BTC in terms of daily transaction fees. As per Coin Metrics’ report, Bitcoin’s daily transaction fee was at $185,993, while ETH’s was at $182,899, as of 15 September 2019. Similar trends have been seen throughout 2019. However, the reason behind this time’s trend seems to be Tether’s migration. The transaction fees quite often encapsulate real network demand and usage.

Source – Coin Metrics

When Tether was operating on Bitcoin’s OMNI, the transaction count witnessed a massive increase and starting from April 2019, it started hitting several new all-time highs. On 7 August, the transaction count of USDT reached 91,513, which is the highest so far. But, when USDT moved to the Ethereum network, USDT-ETH soared to hit an all-time high of 187,912 daily transactions, as of 9 September.

Source – Coin Metrics

Since mid-August, USDT-ETH has been constituting about 10% of the total Ethereum transactions and on 8 September, 25% of Ethereum’s transactions were from the Ethereum version of Tether.

Source – Coin Metrics

Additionally, factors like daily adjusted transfer value and daily gas usage were also seen to be soaring up due to USDT-ETH as both reached their respective all-time highs. The report also revealed that over the last 30 days, Tether was the biggest gas spender out of all the other Ethereum contracts.

Bitcoin is the world’s largest cryptocurrency with a market cap of $183 billion and a price of $10,233, at press time, while ETH stands second with a market cap of $23 billion and a price of $213. It would seem that the huge difference in price doesn’t matter as ETH was seen beating BTC in terms of fee revenue over the last 30 days as well.

Source – Coin Metrics

Source:ambcrypto

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