USDT Transactions Have Hit All-time High- Glassnode
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USDT Transactions Have Hit All-time High- Glassnode

May 25, 2020      Zain Raza

Tether’s USDT is definitely the most popular Stablecoin it keeps on growing as according to a report from Glassnode, the number of transfers which involved Tether’s USDT was an all-time high.  The report shows that amount involving USDT transactions has increased from the previous all-time high of 8,334.167 to 8,590.083 on May 21. While this might not be a gigantic increase, it shows show steadily the popularity of the Stablecoin is growing day by day.

 

USDT Transactions And The Tether Treasury 

The numbers involved in USDT transactions are never puny and whale alert reports that sum of 40,000,000 USDT has made its way top crypto exchange Binance from Tether treasury.  In another case, the Tether treasury was at the receiving end of 31,992,639, from another popular crypto exchange Bitfinex. 

Glassnode reports also points at the growing number of USDT wallet overnight.  137 new wallets came into existence within a matter of hours and the total number of wallets reached 2,035.875.

XRP struggles lately are well known and it has been a blessing in disguise for Tether’s USDT.  It displayed XRP from the third spot and became the third-largest cryptocurrency by market cap.  However, Ripple’s XRP, the following day reclaimed its position right behind Bitcoin and Ethereum again.

Another charge from Glassnode shows that users are more active in withdrawing USDT from these exchanges which almost might have contributed to such growth in different fields.

The increasing number of wallets, the amount involved in transactions and hitting all-time high, although the US dollar-pegged Stablecoin couldn’t stay at the 3rd sporty for long, XRP continuous downfall and its continuous rise suffer that it is only a matter of time before XRP loses its spot again. This time, maybe even permanently for a while.

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#Blockchain #Blockchain News #Cryptocurrency Market #Cryptocurrency News #Glassnode #USDT ath #USDT transactions #XRP
Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.