Tether outperforms Bitcoin in trading volume
Recently, we have been writing more and more about how altcoins are replacing large cryptocurrencies. More recently, the new project, which should bypass ETH, entered the industry. And now the alternative cryptocurrency Tether has surpassed the first coin in terms of weekly trading volumes. Next, we will tell you why this altcoin surpassed BTC and what, in principle, awaits the first cryptocurrency. Perhaps Bitcoin will supplant coins like Tether? Or is it a minor trend that shouldn’t be a cause for concern? Let’s figure it out.
First of all, it is necessary to remind our readers what Tether is. First of all, it is stablelock. That is, the form of coin pricing is built depending on other currencies. Tether depends on the US dollar. That is why the coin is distinguished by the relative stability of its own rate. In the case of BTC or ETH, we can observe unjustified price drops or sharp rises in value. But Tether (USDT) is as much as 20% dependent on the US dollar reserves. Note that the reserves are located in the accounts of the USDT company. Which allow ensuring the stable value of the internal cryptocurrency.
The implemented functionality for exchanging, selling and buying coins allows even large enterprises to comfortably use the asset. The currency already has major partners.. Nevertheless, the cryptocurrency has been involved in litigation several times. The reason was various conflicts in the financial turnover of the enterprise. The American judiciary thought that the USDT was issuing coins that were not backed by real dollars.
However, today all the court proceedings are over. Tether operates quietly to the delight of its own customers. And over the past week, users have transferred over $ 3.55 billion with USDT. The main flow of funds went through distributed applications. The creators of which are actively integrating Tether into their own work. Recall that with the help of Bitcoin, users made transactions for $ 2.94 billion. That is, the advantage is obvious. Next, we will look at where this trend will lead and whether it is worth giving up using Bitcoin.
Should you change BTC to Tether?
In fact, a lot depends on your goals for which cryptocurrency is used. If you prefer to use digital assets in your daily life, shopping and other tasks, Tether is certainly much better. However, BTC is a store of value. The coin is much more expensive, has a limited supply. And therefore is definitely suitable for accumulation and capital formation. Tether’s success doesn’t mean BTC is a thing of the past. It’s just that coins have different tasks. Everyone can combine both of these tools. The USDT update will take place shortly. The developers understand the prospects of their own solution. And therefore are actively developing the project, introducing more and more new solutions in the operation of the cryptocurrency. It is predicted to reduce the load on the network, optimize the operation and improve the performance of the coin.
It is projects like Teter that show how progressive the cryptoindustry community is. A team of proactive developers who at first just promoted their solution now count the millions. This is a great example of successful industry promotion.
Tether should definitely be looked at. A really promising stablecoin definitely deserves your attention. The more decentralized applications are built on the Blockchain, the more developers include Tether in their own work. Follow all the news of the digital space with us. In order not to miss new events regarding USDT and other events of the cryptoindustry. We publish only high-quality and interesting material. Thanks for your attention. Good luck!