USDT trading volumes at historic highs, Bitcoin shows the best results for the year

In the last 24 hours, Tether USDT trading volumes, according to CoinMarketCap, exceeded $ 10 billion, which is the second best indicator in the entire history of this steyblookin. At the same time, Bitcoin trading volumes were close to $ 11 billion, and these figures are comparable to the figures of April 25, 2018, when BTC was trading around $ 9,750.

As analysts DataLight, recently Tether was criticized for not fully confirmed reserves, which must provide USDT tokens, but the record trading volumes indicate that from the point of view of the market, USDT is a direct Bitcoin competitor.

Record-breaking volumes of year old conquered by #Bitcoin .
How do you think about growth? ? pic.twitter.com/drqGT4F7wO

– DataLight (@DataLightMe) March 21, 2019

Growing trading volumes of the first cryptocurrency may also indicate that the market is in an important accumulation stage, after which a significant asset growth may follow.

At the same time, there remain objective doubts regarding the reliability of these analytical resources, such as CoinMarketCap. BlockchainJournal wrote about this problem in a recent article devoted to the manipulation of trading volumes on exchanges.

Recall also that earlier in March, Tether updated the USDT token security policy to include “cash equivalents”. In particular, the company claims that each coin is provided with “reserves that include the traditional currency and cash equivalents, as well as, from time to time … other assets and forthcoming proceeds from loans that Tether has provided to third parties.”

Earlier this week, the total computing power in the Bitcoin network reached the indicators of early November last year, which is the highest figure in 2019 and the highest level in the last four months.

Despite the fact that all these factors indirectly indicate a growing optimism regarding Bitcoin, over the past 24 hours the price of the first cryptocurrency fell by 1.36%. As of 09:00 UTC, the weighted average rate of the BTS was $ 4,031, although the day before it was close to $ 4,100.

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