Bitcoin Is Now Behind Stablecoins in Terms of Adjusted Daily Transaction Value: Data

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Thu, 06/25/2020 - 16:23
Alex Dovbnya
The adjusted daily transaction value of stablecoins comes close its all-time high, surpasses Bitcoin
Cover image via stock.adobe.com
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According to CoinMetrics data, stablecoins have toppled Bitcoin in terms of adjusted transaction volume for the first time in history.

On June 23, fiat-pegged cryptocurrencies surpassed the $2 bln milestone for the third time in 2020 while the king of crypto dipped below that level.  

image by coinmetrics.io

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Bitcoin’s volatility is a boon for stablecoins

When calculating the adjusted transaction volume fo a certain cryptocurrency, CoinMetrics removed transactions with non-economic value such as exchanges shuffling coins between their cold wallets.    

Stablecoins recorded their highest transaction volume to date on March 18 ($2.2 bln), hot on the heels of the ‘Black Thursday’ crash that took place five days prior to that.

Despite the recent ‘flippening,’ they are yet to touch Bitcoin’s peak of nearly $3.9 billion worth of transactions that was set on July 17, 2019.

Notably, Bitcoin logged one of the biggest price drops of the year on that day, plunging by more than 13 percent within 24 hours.         

Such volatility is directly responsible for the rapid surge of stablecoins whose cumulating supply has already surpassed $11 bln, with Tether alone sporting a market cap of $9.6 bln.  

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Tether is the most-traded coin   

When it comes to dollar trading volume, Tether surpassed Bitcoin for the first time in April 2019.

As reported by U.Today, Bitcoin, Ethereum, and Tether are account for 90 percent of all trading activity. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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