March Sees BTC/USDT Trading Volume Triple While USDC and PAX Recorded an Upsurge
Bitcoin’s massive market crash in March rocked the whole crypto market. It introduced a long period of volatility. Consequently, several altcoins plummeted too. Things were different, though for stablecoins that experienced impressive gains over Bitcoin (BTC).
Hedging Against BTC
According to BitMEX, the BTC/USDT trading almost tripled in March (21.6 million BTC). It had previously reached a value of 7.7 million BTC in February. As such, the increase represented an upsurge of 182%. In the same period, BTC/USD and BTC/JPY trading values grew by 170% and 132%, respectively.
Increased USDT Market Cap
As the USDT market cap was increasing last month, the Bitcoin market couldn’t gather enough momentum. By the time of going to press the USDT market capitalization stood at $6.5 billion.
Growing Fortunes of Other Stablecoins
Besides USDT, the BitMex report also revealed that other stablecoins, including BTC/USDC and BTC/PAX had more trading volume than BTC/EUR and BTC/KRW. It indicates that the March trading volumes of the BTC/USDC and BTC/PAX markets rose by 71% and 1553% respectively.
Available data indicates that USDC’s and PAX’s market capitalizations surged by 220% and 200% respectively between Jan. 1 to Apr. 4. The shift implied that investors were accumulating either cash or cryptocurrency-cash equivalents.
Despite USDC’s and PAX’s increase, USDT still reigns supreme in the stablecoin domain. The BitMex report also indicated that both stablecoins have recently gained in popularity. At the moment USDC being about 5% of BTC volume traded against stablecoins.