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https://blockchain.info/charts/estimated-transaction-volume-usd https://blockchain.info/charts/estimated-transaction-volume-... Daily transactional BTC value h

https://blockchain.info/charts/estimated-transaction-volume-usd https://blockchain.info/charts/estimated-transaction-volume-... Daily transactional BTC value has been in the billions for months, even before the recent price explosion. Yesterday's was a [very] record breaking value pushing $6 billion. The total market cap of Tether is less than $0.9 billion. That would've been about a single day's volume back in July. And to clarify, we're talking about if 100% of every single Tether is being used to purchase BTC with these numbers. That assumption is not correct meaning the actual impact is likely substantially lower.

michaelchisari 9y ago
Coinmarketcap has Tether's 24h trading volume at $1.9 billion (over double the market cap). I find that concerning. They list the 24h volume for Bitcoin at $24 billion. At 9% or 10% of the 24h volume, Tether could very possibly be a major factor in the bitcoin price spike.
meritt 9y ago
> Daily transactional BTC value has been in the billions for months That's absolutely true but what you cannot tell is how much actual liquidity exists. I was playing around with algorithmic trading this summer and would routinely have days where my personal transactional volume would exceed $500k and I was only playing with $2.5k. Just a lot of very short duration (sometimes holding for mere seconds) trades and I always took the maker side to avoid paying any fees.
jaaames 9y ago
Exchanges are wash trading to inflate volume. There isn't as much liquidity as they'd like you to believe.