The cryptocurrency market is booming, with Tether, the world’s most used stable coin, hitting more than $583 billion in weekly trading volume.
Tether’s surge comes along with some digital coins reaching all-time highs despite the crypto price crash in May.
While Tether, Bitcoin, and Ethereum still rule the crypto space as the three most-traded cryptocurrencies, some other digital coins also witnessed an increased trading volume in the last seven days.
Tether beats Bitcoin
Although Bitcoin is still by far the most popular cryptocurrency in the world and its price movement has a strong impact on the rest of the market, it still wasn’t the most-traded crypto on online exchanges.
According to data from Block Arabia, Tether took that position ahead of Bitcoin, hitting over $583 billion, more than the other four cryptocurrencies combined.
Statistics show the market cap of the world’s most used stable coin tripled since the beginning of 2021, jumping from $21 billion in January to over $65 billion this week.
With $250.2 billion in 7-day trading volume, Bitcoin ranked as the second most-traded digital coin in the crypto space. Statistics also show the price of the world’s most expensive cryptocurrency recovered significantly in the last month.
After reaching an all-time high of over $62,500 in April, Bitcoin’s price halved to around $32,500 at the end of July. However, this figure jumped by more than 52% in the last 30 days, crossing $50,000 this week.
Ethereum ranked as the third most-traded crypto last week, with $184 billion in 7-day trading volume. Also, statistics show the world’s second-largest crypto witnessed one of the most significant market cap increases this year. According to CoinMarketCap data, the combined value of all Ethereum coins surged by a massive 368% YTD to $392.5 billion.
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Dogecoin misses top 5 list
Although Dogecoin, without a doubt, is the fastest-growing digital coin in the crypto space this year, the original meme coin wasn’t among the five most-traded cryptos last week.
With $56.8 billion in 7-day trading volume, XRP ranked fourth in the list, one spot above Binance USD as the fifth most-traded crypto. Statistics show the two digital coins hit over $50 billion in weekly trading volume, or around 45% more than Dogecoin, which ranked seventh.
However, the popular meme coin still convincingly leads in YTD market cap growth. Statistics show the combined value of all Dogecoins soared by a staggering 6,800% since the beginning of 2021, reaching $41.4 billion this week. That’s eighteen times the growth rate of Ethereum or 93 times more than the growth of Bitcoin in this period.
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