Ethereum’s USDT on-chain volumes are increasing and Tether seems to be boosting the momentum on the ETH network and could even form a new flow to and from exchanges. While the supply of the tokens remains without change, the velocity of the coins is also increasing as the ethereum network flows so let’s read more in the Ethereum’s today’s news.
The total USDT transfer volumes on the ETH network just moved past the $100 billion for the first time which is a 6,000% increase since the start of 2019 according to Glass Node. The Omni-layer USDT is slowing down and is being exchanged to the ERC-20 kind once it goes through some of the leading crypto-to-crypto exchanges. At this time, USDT is much harder to track despite the active transactions.
The USDT smart contract is now spending up to 2,000 ETH per month based on the ETGGasStation statistics and the active contract burn per day is about 10 percent of all gas which is an increase to above 36% during the periods of heightened activity. In the past day, BTC was sold and volumes reached above the $18 billion which is the ERC-20 version doubled the volume in the past 24 hours. There are also 855 million USDT on the TRON Network and the total supply of USDT has been a constant for some months now which is a little over 4.108 billion coins.
The ratio of the coins on different networks and the flows between the exchanges mean that the USDT now has another effect on the price of the leading cryptocurrency. More than 76 percent of all of the BTC volume against the USDT volume, during the recent-sell off, each coin flew through the exchanges about six times in 24 hours. However, over the past days, there was no ‘’whale’’ sized transactions of USDT and the transfers vary depending on trading conditions. There were some days that the volumes spike and dropped but often the significant price moves were predicted.
Ethereum’s USDT volume increase means that the network is even more strategic now for the crypto space. The latest upgrades and potential switch to staking can also affect the source of liquidity.
The post Ethereum’s USDT On-Chain Volumes Breach The $100 Billion Level appeared first on DC Forecasts – Leading Digital Currencies.
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