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Bitcoin trading to USDT soars by 36%; Coinbase trade volume drops

Chayanika Deka

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Stablecoins do not associate themselves with the wild volatility that cryptocurrencies possess and have therefore, become popular in the digital currency industry. The fact that interest in stablecoins in the second quarter of 2019 noted an uptick as large corporations eyed the rollout of their own stable digital currencies is a testament to the same.

Source: CryptoCompare | Proportion of Total Monthly Bitcoin trading into Fiat or Stablecoins

According to a new report, Bitcoin trading in the world’s largest stablecoin, USDT, has risen by 36.03% since September. According to Crypto Compare’s Monthly Exchange Review, BTC trading into USDT represented a total volume of 73.67% for the month of October. BTC trading into USDT totaled $8.47 million BTC, it said.

Source: CryptoCompare | Historical Monthly Bitcoin Trading into Fiat or Stablecoins

USDT, the most popular stablecoin in the market for trading with Bitcoin, was followed by USDC, PAX, and TUSD. Interestingly, this coincided with Bitcoin’s price which exhibited a brief upward momentum in the last week of October, before it fell below $7,500.

Source: CryptoCompare | Top Crypto to Crypto Exchanges

During the same time, crypto to crypto exchange monthly volumes on almost all platforms recorded a rise. BitForex topped the list of crypto-exchanges by total volume in October after recording a growth of 37.33% since September, registering a trading volume of $34.48 billion. BitForex was followed by CoinBene which recorded an increase of 19.65% while registering a trading volume of $32.96 billion. Binance followed suit with a trading volume of $30.32 billion, rising by 12.02% over the month.

Not all fiat to crypto exchanges, however, witnessed an increase in trade volume. Leading cryptocurrency exchanges Coinbase and Huobi Korea also recorded a drop in trading volume since September. Additionally, Bithumb’s volume dropped by 63.65% in October. On the upside, P2PB2B was the top fiat exchange by total volume in October, registering a volume of $24.26 billion. This was followed by Coinsbit which stood at $6.44 billion and was up by 5.87% since September.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.