Data shows Tether transactions larger than $100k increase by 109% in the past week 🚨 This article is 5 years old...
Data shows Tether transactions larger than $100k increase by 109% in the past week
3 min read
Updated: Nov. 7, 2019 at 2:24 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
During the past week, the total amount of transactions larger than $100,000 in USDT reached $7.3 billion, which represents an increase of 109.82 percent compared to the week before that. Data from IntoTheBlock has also shown that the overall number of USDT transactions has been on the rise in the past three months, as was the average transaction size.
Large transactions on Tether reach $7.3bn volume in the past week
Created to provide liquidity to cryptocurrency exchanges, Tether’s mentions in the crypto media always seem to focus on the controversy surrounding the coin. Whether it questions about the coin’s lack of transparency when it comes to fiat backing or accusations from the U.S. Attorney General of fund manipulation, there never seems to be a dull moment for Tether.
This time, however, the controversial stablecoin made the news due to the extremely large trading volume recorded in the past week, which seems to indicate that there’s no bear market for Tether.
According to data from the blockchain analytics firm IntoTheBlock, the total amount of transactions larger than $100,000 in USDT was $7.3 billion.
The company said this was a “huge” deal for Tether, as it represented a 109.82 percent increase when compared to the previous week. In comparison, on Oct. 26, there were just under 3,000 large transactions on the network, with a total volume of just over $1 billion. The average balance of the transactions was around $363,000, the company said in a tweet.
Latest metrics show Tether usage on the rise
While the increasing number of large USDT transactions is an impressive feat for Tether, the network’s other metrics have also shown a significant increase in usage.
The average transaction size has been on the rise in the past month, averaging at around $16,500 in the past seven days.
The growth in the transaction size was followed with similar growth in the number of transactions the network has seen, averaging at just over 84,000 transactions in the past week.
However, the average balance on the network, which is calculated by dividing the market cap by the number of addresses that hold tokens, has been steadily declining since August. According to data from IntoTheBlock, the average balance on Aug. 17 was just over $41,000, while Oct. 30 saw an average balance of just $8,122.
The conflicting stats make it hard to predict how Tether will perform in the following weeks. The company has just performed a 300 million USDT chain swap from the OMNI protocol to ERC20 protocol to increase “efficiency.”
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
IntoTheBlock
IntoTheBlock is a data science company applying cutting-edge research in AI to deliver actionable intelligence for the crypto market.