Conforming to this week’s data, cryptocurrency trade level reached the highest of its level on May 20, it reached $1.76 trillion in report 24-hour volume. Statistics for daily trade for Monday have been high, as recorded volume from crypto market aggregators shows over $300 billion in just as day volume. In the mean time, stablecoins take 50% of Monday’s global trade volume with tokens like tether, binance usd, and usd coin guiding the pack.
Crypto Exchange Volumes Had The Highest Record in The World
From of all the volume recorded among the crypto economy’s existence, May 2021 had the highest cryptocurrency trade volume in whole history of its trade. Actually, on May 20, the recorded volume amongst hundreds of crypto exchanges displays an all-time high (ATH) of $1.76 trillion in daily volume. This record volume for bitcoin (BTC) on Monday is around $71 billion in the world exchanges.
Statistics specify that April has seen a remarkable amount of trade volume as well, approaching a trillion when it drained a 30-day high at $708 billion in daily exchanges. Lately it took $1.76 trillion last Thursday, also happened when the whole crypto market capitalization was left in sentence value from well over $2 trillion to $1.4 trillion.
Data from coincheckup.com’s global stats show that after May 19, 2021, almost every day oversteps $1 trillion in global exchanges.
The $100 Billion Stablecoin Economy Demands More Than Half the Global Trade Volume
Coingecko’s fiat-pegged token index also displays the stablecoin market valuation rising , it shows more than $202 billion in 24-hour global trade volume. If these numbers that were recorded are exact, around 50% of the global trade volume on Monday is with stablecoins. It’s valuable to notice that the trade volumes that were reported have been raced in the crypto economy for more than eight years.
As the U.S. dollar controls 17.9% of today’s BTC trades, cryptocompare data shows 55.28% of BTC’s market share volume is paired with tether (USDT). Tether and its stablecoin economy valued at $60 billion has fixed the main number of the crypto trades on a daily basis during this month.
Paolo Ardoino, CTO at Tether Limited said that the company has seen “enormous volatility in the crypto markets” in recent days. “During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestone as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”
USDC and BUSD Market
Tether is not the only stablecoin exhibiting its capability during the recent market fall as USDC and BUSD have raised to be large competitors. USDC now has a market valuation of around $20 billion on Monday and BUSD has around $8.6 billion.
As USDC has a larger market cap, but you can see that BUSD has higher trade volumes today. At the time that we wrote this report, Binance’s stablecoin BUSD has around $9.9 billion in 24-hour trade volume and USDC has $6 billion. Other significant coins in the market cap and stablecoin daily trade volumes on Monday consist tokens like DAI, UST, PAX, and TUSD.