Tether is giving Good Indicator of the Situation of Cryptocurrency Market
Tether popularly know as USDT, is a cryptocurrency which is hedged to the value of US dollar.
If we say in June, the daily trading volume of USTD is above $3 billion which is 7 percent higher than the volume of ethereum .
Tether is giving Good Indicator of the Situation of Cryptocurrency Market
On crypto exchanges like Binance which is the world’s second largest cryptocurrency trading platform, It do not support reserve currency or fiat currency pairs Ike USD or Any other Fiat , traders uses USDT to hedge the value of major cryptocurrencies such as bitcoin, Ethereum, ripple etc to the US dollar.
As of now in June, in consideration of the $3 billion daily trading volume of Tether and given that USDT is the second most traded cryptocurrency in the global market, We can say cryptocurrency holders are purchasing more Tether expecting the downward trend of the market to continue as in last two days also we have seen over a $800 fall in Bitcoin and approx. over 10% fall in overall cryptocurrency market.
But it is showing people are still into crypto in tether which we can consider is good for crypto because when market sentiments will improve you will see bull will enter in cryptocurrency and convert Tether into Crypto .
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