It is not unexpected that cryptocurrency trading volume tends to increase since prices rise, with new investors piling on. However, considering its very brief history, cryptocurrencies succeed in racking up trade volumes to the envy of a multinational. Let us see the Top 3 volume gainers in the past 24 hours.
Tether (USDT)
USDT is a stablecoin that reflects the US dollar price, released by the Hong Kong-based company, Tether.
The distinctive characteristic of USDT, value is guaranteed to stay tied to the US dollar guaranteed by Tether. Tether allocates the same amount of USDT to its reserves every time it issues new USDT, thus ensuring that USDT, completely supported by cash and equivalents.
The average daily volume of USDT trading is frequently on or even higher than that of Bitcoin. It is particularly prevalent when fiat-to-crypto trading pairings are absent since this is a feasible alternative to dollars.
It has a circulation of 63,646,734,131 USDT coins. Over the previous 24 hours, the volume recorded is $80,874,373,542 at the time of writing. Making it top the chart for the highest trading volume in the last 24 hours.
Bitcoin (BTC)
The particular benefit of Bitcoin is that it was the first cryptocurrency on the market. The whole cryptocurrency industry — currently worth over $300 billion — built on Bitcoin’s concept.
The SHA-256 algorithm, a member of the SHA-2 hashing algorithm family, is also utilized by its fork Bitcoin Cash (BCH) and many other cryptocurrencies, intermediaries, such as banks, and financial services firms.
It offers 18,787,993 BTC coins and a maximum supply of 21,000,000 BTC coins. Its volume for the last 24 hours, reported as $33,762,758,209 at the time of writing. Thus, allowing it to be in the second place of the highest trading volume, beating Ethereum.
Ethereum (ETH)
ETH operates as a platform for many other cryptocurrencies and the fulfillment of decentralized smart contracts.
Ethereum’s breakthrough, the development of a platform that would enable smart contracts, executed via the blockchain, significantly strengthening the previously existing advantages of smart contract technology.
The ethereum blockchain can host “tokens” of other cryptocurrencies utilizing its ERC-20 compatibility standard, in addition to smart contracts. More than 280,000 ERC-20 tokens, launched so far. Furthermore, more than 40 of them make the top 100 market-capitalized cryptocurrencies, such as USDT, LINK, and BNB. On top of this, more or less 40 of them make the top 100 market-capitalized cryptocurrencies, such as USDT, LINK, and BNB.
There are 117,130,665 ETH coins in circulation. Its volume was recorded as #23,484,314,940 for the past 24 hours at the time of writing. Make it third in terms of the biggest volume in 24 hours behind Bitcoin.