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Stablecoins Dominate Currency Pairings for Leading Crypto Assets

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Amidst the ongoing cryptocurrency bear market, stablecoins have continued to gain prominence, with USDT currently comprising the dominant pairing for three of the four largest cryptocurrencies by market cap. 

Also Read: Localbitcoins Trade Surges in Latin America and East Asia

USDT Comprises Dominant Pairing for 3 of Top 4 Cryptocurrencies by Market Cap

According to Cryptocompare, USDT currently comprises the largest currency pairing by volume for three of the four largest crypto assets by capitalization.

In the last 30 days, USDT pairings have comprised more than 67% of total BTC trade, nearly 46% of total ETH trade, and 48% of LTC trade.

While BTC is the dominant pairing for XRP, with almost 49% of monthly volume, USDT is the second-most traded pairing with 22.60%.

Stablecoins Dominate Currency Pairings for Leading Crypto Assets

Stablecoins Dominate Currency Pairing Rankings for Leading Crypto Assets

Aside from the dominance of USDT pairings, other stablecoins are increasingly populating the rankings for top currency pairings of the leading crypto assets.

Four of the top 10 BTC pairings by volume are currently stablecoins, with QC ranking fifth with 2.7% of monthly volume, PAX ranking eighth with 0.55%, and USDC ranking 10th with 0.41%, in addition to USDT holding the top ranking.

Half of the top 10 currency pairings for ETH by volume are stablecoins, with USDT joined by fourth-ranked QC with 3.13% of monthly trade, sixth-ranked BITCNY with 1.41% of trade, eighth-ranked PAX with 0.28%, and 10th-ranked DAI with 0.23%.

Stablecoins Dominate Currency Pairings for Leading Crypto Assets

Stablecoins comprise four of the 10 most-traded pairings for ripple. Aside from USDT, XRP’s dominant stablecoin pairings are sixth-ranked QC with 4.02% of trade during the previous 30 days, ninth-ranked OKB with 0.23% of trade, and 10th-ranked PAX with 0.22%.

Four of the top 10 LTC pairings are also stablecoins, with QC ranking fourth with 1.05%, TUSD ranking seventh with 0.27%, OKB ranking ninth with 0.22%, and USDT ranking as the dominant trading pair.

What is your response to the increasing presence of stablecoins among the top currency pairings for the leading crypto assets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Stablecoins Dominate Currency Pairings for Leading Crypto Assets appeared first on Bitcoin News.

Localbitcoins Trade Surges in Latin America and East Asia

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The peer-to-peer (P2P) markets saw a surge in trade activity this past week, with the Localbitcoins markets of five countries posting record volume. The largest spikes were concentrated in the Latin American and Asian regions, however, the United States also posted its strongest monthly P2P volume since April 2018.

Also Read: Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

Indonesian P2P Volume Increases by More Than 10x in One Week

Localbitcoins trade between the Indonesian rupiah (IDR) and BTC saw a dramatic spike in activity this past week, with volume increasing from 10 BTC during the week of Feb. 2 to 102 BTC during the week of Feb. 9.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in fiat currency, this past week saw more than 4.5 billion IDR (approximately $364,600) worth of BTC changing hands. The week of Feb. 9 comprised the strongest week of Indonesian Localbitcoins trade on record when measured in both fiat and cryptocurrency.

Localbitcoins Trade Surges in Latin America and East Asia

South Korean P2P Trade Activity up 125%

Localbitcoins trade between the South Korean won (KRW) and BTC posted a new all-time high for trade volume this past week, with 132.33 million KRW worth of cryptocurrency (nearly 3.16 million) changing hands.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in cryptocurrency, South Korean Localbitcoins more than doubled this past week, up from 15 BTC during the week of Feb. 2 to 34 BTC. The week of Feb. 9 comprised the fourth strongest on record when measured in BTC.

Localbitcoins Trade Surges in Latin America and East Asia

Latin American Localbitcoins Markets Break Volume Records

The P2P markets of Latin America saw a dramatic spike in volume this past week, with several countries posting all-time high trade activity.

Localbitcoins trade between Peruvian sol (PEN) and BTC posted record volume when measured in both fiat and cryptocurrency, with 303 BTC or 3.56 million PEN (approximately 1.06 million) worth of trade taking place.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in cryptocurrency, the week of Feb. 9 saw record trade between Colombian pesos (COP) and BTC on Localbitcoins, with 760 BTC changing hands. When measured in fiat currency, the week comprised the fifth strongest on record, with 7.63 billion COP (approximately $2.43 million).

Localbitcoins Trade Surges in Latin America and East Asia

Venezuela posted record volume when measured in both fiat and cryptocurrency for the second consecutive week, with 2,485 or 24.34 billion Venezuelan bolivares (approximately $8.90 million) worth of trade taking place.

Localbitcoins Trade Surges in Latin America and East Asia

Localbitcoins trade between Argentine pesos (ARS) and BTC posted its second strongest seven days of trade when measured in fiat currency this past week, with 8.43 million ARS (approximately $220,780) or 62 BTC worth of trade.

Localbitcoins Trade Surges in Latin America and East Asia

Do you think that the spike in P2P volume is a sign of improving or deteriorating market sentiment? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Localbitcoins Trade Surges in Latin America and East Asia appeared first on Bitcoin News.

BTC Transactions Hit 1-Year High But Volume Remains Sluggish

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There’s good news and bad news for traders monitoring onchain data for signs of a market revival. The number of daily transactions has been rising for months, suggesting that BTC is being used for more than merely speculative purposes. Daily trade volume remains sluggish, however, suggesting another bull cycle is still some way off.

Also read: Rio Carnival to Feature Bitcoin This Year

BTC Passes 350K Transactions per Day

The average number of daily transactions on the Bitcoin Core blockchain has been rising steadily since mid-2018 and recently surpassed 350,000. Save for a wild day in late 2017, when BTC notched a record 490K transactions, and the opening weeks of 2018, which saw major spikes, Bitcoin is seeing more sustained usage than ever. With Lightning Network taking a small but growing number of transactions offchain, along with Liquid, Blockstream’s inter-exchange settlement layer, the actual number of onchain transactions would otherwise be higher still.

BTC Transactions Hit 1-Year High But Volume Remains Sluggish
Daily BTC transactions

Network usage does not necessarily correlate with price, and it is common for a blockchain to see sustained transaction growth while price remains stagnant. For all the usage that the BTC chain is witnessing, it remains trapped in $3,400-$3,700 territory. A look at trading volume shows that there has been no discernible uptick in months. 2019 has begun in muted fashion, with an average of 50,000 BTC being exchanged per day – a far cry from late 2017, when several hundred thousand bitcoins were being traded on a daily basis.

BTC Transactions Hit 1-Year High But Volume Remains Sluggish
Daily BTC volume

BTC Fees Remain Low for Now

BTC fees haven’t been a talking point for months because there hasn’t been much to talk about. A BTC transaction can currently be made for around $0.25. While almost 50x higher than the average BCH fee, it’s still low enough to keep the majority of network users content. BTC users shouldn’t count on fees remaining permanently low however. As 2017-18 data from Coinmetrics shows, average BTC transaction fees tend to lag behind average transaction count. In other words, it is possible that BTC’s rising number of daily transactions could lead to fees also rising in due course.

BTC Transactions Hit 1-Year High But Volume Remains Sluggish
2017-18 data for BTC transactions and fees

Regardless of which direction BTC’s fee market takes, continued usage of the protocol for its original purpose – sending electronic cash P2P – bodes well for future adoption and pricing. Combined with the ongoing development work being done behind the scenes, which makes it easier for users to send and receive bitcoin with confidence, means the next phase of growth may be driven by more sustainable fundamentals than speculative mania alone.

Do you think increased network usage has a correlation with market prices? Let us know in the comments section below.


Images courtesy of Shutterstock, Blockchain.com, Coinmetrics, and Bitcoinity.org


Need to calculate your bitcoin holdings? Check our tools section.

The post BTC Transactions Hit 1-Year High But Volume Remains Sluggish appeared first on Bitcoin News.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

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Research carried out by Tradeblock has found the combined trade volume across the futures contracts offered by Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) plummet relative to spot market volume during the second half of 2018.

Also Read: Mt. Gox Creditors Neither Need nor Deserve This Kind of ‘Hero’

BTC Futures Volume Rivals Combined Trade Activity Across Leading Spot Exchanges During Q3 2018

Despite the hype surrounding the launch of CME and CBOE’s BTC futures contracts at the end of 2017, said markets comprised a small fraction of combined trade activity taking place on Coinbase, Itbit, Kraken, Bitstamp, and Gemini.

With the burst of the 2018 bubble, however, spot volume fell by more than 70 percent when comparing January’s trade activity with average monthly volume posted during the second half of 2018.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

Mixed with a more than doubling in CME futures trade activity, trade volume for CBOE and CME’s BTC futures came to rival that of Coinbase, Itbit, Kraken, BItstamp, and Gemini’s combined spot volume during the third quarter of 2018 – with CME’s volume dwarfing that of each individual exchange.

Futures See Volume Drop-Off During Final Quarter of 2018

While the volume of both the BTC spot and futures markets saw decline during September and October, November saw the combined spot markets post their strongest monthly volume since May, while the futures markets posted their second weakest month of the year.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

While December saw the spot market post a healthy retracement, trade activity in the futures markets fell by more than half to post its worst performing month since launch, suggesting a shift away from the cryptocurrency derivatives offered by CME and CBOE in favor of the traditional cryptocurrency markets.

On Feb. 1, CME published a report stating that the average daily trade volume for its BTC contracts was $80 million during the previous 283 days, which, combined with CBOE’s approximately $10.65 million in daily trade, shows that the futures markets are currently falling roughly 4.5 percent short of rivaling the 24-hour trade volume between BTC and USDT on Binance.

Do you think that we will continue to see a decline in trade activity across the futures markets this year? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradeblock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019 appeared first on Bitcoin News.