The cryptocurrency market witnessed a major market surge recently which rapidly improved the market capitalization of virtual assets, taking the collective market cap to $200 billion for the first time since November 2018.
On the back of Bitcoin [BTC] breaching the $7,000 dollar mark, several coins in the market surged. In light of the situation, Mati Greenspan, lead analyst at eToro, brought the attention of the crypto community to some very intriguing statistics.
Mati Greenspan tweeted that Tether, the world’s largest stablecoin, witnessed an average of 50,000 transactions, now an all-time high.
Tether’s Transaction Count | Source: Twitter
Recently, Tether was put in a tight spot after the New York State Attorney General filed a lawsuit against Tether and Bitfinex over an alleged “fraud” involving the cover-up of $851 million in losses.
This caused a dip in the stablecoin’s valuation, since it was no longer pegged one-to-one with the US Dollar for the time period. Many analysts have also predicted that the situation could possibly be the end of stablecoins as the “security” attached to Tether’s name was under question.
However, at press time, Tether remained prominently relevant in the market with a record transaction count. Tether had also recovered quickly after the initial fall as various cryptocurrency exchanges continued to peg the stablecoin with virtual assets on their platform, despite the availability of arguably better alternatives which complied with US regulations.
Source: Tether’s Transaction Volume | Source: Twitter
Additionally, Greenspan tweeted that the transaction volume of the stablecoin did not change significantly, despite the record transaction count. He stated that the current volume was around $500 million per day.
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