The Tether (USDT) seizes the crypto market and spreads its effect to the altcoins as well. Currently, majority of USDT is traded on many different big stock exchanges in very large amounts, and it seems possible that the remaining extra liquidity will leap to other altcoins.
Bitcoin’s price is fixed below $10,000, and transactions made over Bitcoin continue to decrease daily. It makes up only 29% of the entire market at the moment. While Bitcoin is decreasing, the commercial share of altcoins is on the rise. Through the use of Binance, OKEx and Bitfinex, USDT has more than 23% of the purchase and sale of Ethereum.
Is Tether Planning a New Route?
Tether trading has a rate of 16% compared to other statistical information and takes more than 23% of all transactions. Meanwhile, the Japanese enthusiasm for blowing up BTC prices is weakening as well, currently only about 44% of all BTC trading is being done with yen. Thanks to the high dynamics of the crypto market, the increasing influence of Tether has become a very fast moving phenomenon.
Recently, the king of the rally has changed from fiat to USDT tokens. It seems that USDT will determine price movements on the most active stock exchange market.
The currently tapering Litecoin (LTC) also has a 33% volume in USDT markets. For Bitcoin Cash (BCH), the USDT trade transaction is more than 24% of the market. In the passing week, it is correct to say that some of the strongest cryptocurrencies show a good increase thanks to its large share in the USDT. Other tokens experiencing declines or delays such as NEM (XEM) and Cardano (ADA) have a volume below 10% of USDT transactions.
Additionally, more than 24% of EOS transactions are based on USDT tokens. Some think that the current rise in EOS is a direct move to manipulate the market and this move is planned to direct links to the Tether project.