The month of June is indeed an unforgettable one in the digital currency space. While the month of April pioneered the massive rallies, the month of June crowned it all. Almost all the digital currencies in the market tested new year-to-date highs in June. Some digital currencies such as Binance Coin (BNB), tested new all-time highs.
The price of Bitcoin (BTC) surged to almost $14k; a level the digital currency has not tested for more than a year now. However, the crypto market has plunged lower since then. Most coins have lost a considerable fraction of the gains they amassed during the bull run. Bitcoin (BTC) is now trading slightly close to the $11k level, leaving the altcoin market behind. Most altcoins are now struggling to hold gains over key support levels.
However, as the price of Bitcoin (BTC) surged enormously in June, there were strong speculations about the involvement of Tether (USDT). Research shows that BTC/USDT trading pair accounted for the majority of BTC trading. Tether (USDT) is one of the most popular stablecoins in the market and it has a place among the top ten cryptos in the market.
BTC/USDT Trading Plunges by 6% after Accounting for Almost 80% of Bitcoin Trading – Best Cryptocurrency to Invest in 2019 – Cryptocurrency Market Update – Cryptocurrency News Today
According to a research by Crypto Compare, the BTC/USDT trading pair plunged by 6.8 percent this month. Back in May, Bitcoin (BTC) traded enormously with Tether (USDT). The BTC/USDT pair accounted for 76.2 percent of the total Bitcoin transactions with stablecoins and fiat currencies. Nevertheless, in the month of June, this number plunged by about 6.8 percent. BTC/USDT trading pair now encompasses 69.4 percent of all fiat currency and stablecoins trades.
Besides Tether (USDT), Bitcoin (BTC) has been highly traded with USD Coin (USDC), Paxos Standard (PAX), and TrueUSD (TUSD). The trade of Bitcoin (BTC) with Tether (USDT) summed 7.8 million, which shows a significant plunge of about 34 percent since May. Nevertheless, among the highly traded stablecoin pairs, BTC/USDT accounts for 97 percent of the entire trading volumes.
BTC/USD Is the Highest Fiat Traded Pair – Cryptocurrency News today – Cryptocurrency Market Update
The second on the top traded pairs with BTC is the USD. The US dollar also traded very well with Bitcoin (BTC) in fiat currencies. Back in May, BTC/USD trading pair accounted for 60 percent (2.12 million) of all the trading of Bitcoin (BTC) against fiat currencies. However, these figures dropped by about 4 percent in the month of June and the trading volume recorded is 2.04 million.
Although the volume of USD plunged, Bitcoin (BTC) recorded a growth towards another fiat currency – the Japanese Yen (JPY). The BTC/JPY trading pair surged by about 1.6 percent in the month of June. Over the past three months, the trading volume of BTC against the Euro (EUR) and South Korean Won (KRW) dropped. Nevertheless, 92 percent of the trading in the month of June, from BTC to fiat currency, was carried out with the US dollar, Euro, JPY, and KRW.