Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), the three largest cryptocurrencies by market capitalization, also make up a whopping 90 percent of the total trading volume.
According to crypto research firm Messari, this represents a 75 percent increase from 2019.
Flight to Tether
As reported by U.Today, Tether has so far turned out to be the biggest success story in the crypto industry this year.
The market capitalization of the leading stablecoin has swelled to $8.8 bln after the March 12 crypto meltdown that sparked more demand for fiat-pegged coins.
Tether has already managed to surpass XRP, thus becoming the third-largest crypto.
Still, Tether’s murky issuance model and legal concerns attract a lot of criticism, with prominent chartist Peter Brandt recently comparing it to ‘the Nigerian Trinket.’
A new quote currency
In late 2018, Tether started stepping on Bitcoin’s toes as altcoin traders started using it as a quote currency.
While Bitcoin accounts for more than 67 percent of the cryptocurrency market, it continues to lag behind USDT in terms of trading volumes.
Meanwhile, Ethereum comes in a distant third place after emerging as the dominant coin in the crypto space during the 2017 ICO bubble.