BTC/USDT Trading Volume tripled in March; USDC and PAX Incurred an Upsurge
After Bitcoin crashed massively in March, the crypto market started swaying for a long period thereby making several altcoins move towards the downside. Nonetheless, things were different with stablecoins as they recorded outstanding increase in trading volumes against Bitcoin.
As the price of Bitcoin keeps getting volatile, cryptocurrency traders entered into the stablecoin market towards hedging the present storm. The most renowned and disputable stablecoin (Tether) is still dominating the figures.
Recently, BitMEX reported that BTC/USDT trading almost tripled in March (21.6 million BTC). Its trading value was 7.7 million BTC in February, thereby representing a 182 percent upsurge in March. In addition, BTC/USD and BTC/JPY trading values increased by 170 percent and 132 percent, respectively.
Hence, the BTC/USDT market is currently 73 percent of the aggregated Bitcoin traded into fiat or stablecoins. As in the data provided in a chart by Skew, the USDT market capitalization increased by 23 percent within 24 hours between Mar. 23 and 24.
Last month, Bitcoin market could not gather sufficient momentum while USDT market capitalization was increasing. As at the time of writing, the USDT market capitalization was $6.5 billion.
Aside USDT, BitMex’s report noted that other stablecoins like BTC/USDC and BTC/PAX had more trading volume than the BTC/EUR and BTC/KRW. In March, the trading volumes of the BTC/USDC and BTC/PAX markets surged by 71 percent and 1553 percent, respectively.
The market capitalization of the stablecoin USDC and PAX surged by 220 percent and 200 percent respectively from Jan. 1 to Apr. 4. It showed that investors were piling into cash, or perhaps cryptocurrency-cash equivalents.
In spite of the USDC and PAX’s increase, USDT is still undisputedly leading the stablecoin domain. BitMex’s report also added that both stablecoins have gained more popularity recently with USDC being about 5 percent of BTC volume against stablcoins.