Cryptocurrency Market Sets Record Trading Activity Amidst Bitcoin Surge

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The 24-hour trading activity for the entire crypto market picked up significantly, reaching an all-time high of trading above $89 billion in 24 hours. The past few days saw Bitcoin (BTC) boom to nearly $5,000, with a handful of select altcoins rising to new temporary highs. The increased trading activity is a result of several months of gradual growth, from lows under $10 billion’s equivalent in 24 hours. In the fall of 2018, activity slowed down significantly, only to pick up again noticeably in March, leading up to the past few days. Most activity in the digital asset markets involves exchanges between BTC and altcoins, with a significant role for stablecoins, especially Tether (USDT). The increased activity does not reflect inflows of fiat. Instead, data from Stablecoinswar show that USDT is continuously picking up the pace of its daily turnover. Usually, the “velocity of money” for USDT has been around…

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