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The on-chain tracking platform Glassnode Alerts revealed in an X post earlier today that there has been a drop in the amount of Tether (USDT) that has flowed onto exchanges. According to the post, the USDT Exchange Inflow Volume (7d MA) has reached a 1-month low of 18,420,750.594.
📉 $USDT Exchange Inflow Volume (7d MA) just reached a 1-month low of 18,420,750.594 USDT
— glassnode alerts (@glassnodealerts) September 24, 2023
Previous 1-month low of 18,421,739.041 USDT was observed on 22 September 2023
View metric:https://t.co/iqIWsjblZd pic.twitter.com/qQ2fdYkCri
The post also noted that the previous 1-month low was observed on 22 September 2023. This was after the USDT Exchange Inflow Volume (7d MA) dropped to 18,421,739.041 USDT.
At press time, CoinMarketCap indicated that the leading stablecoin in terms of market cap maintained its peg with the U.S. Dollar. Meanwhile, USDT’s collective market capitalization stood at $83.209,171,349 – ranking it third on CoinMarketCap’s list of the biggest cryptocurrencies.
The 24-hour trading volume for USDT experienced a 30.81% drop during the past day of trading. Subsequently, the stablecoin’s total trading volume was estimated to be just over $11 billion at press time. This drop in USDT’s trading volume took place during a period which saw the overall trading volume in the cryptocurrency market decline 31.28%.
As a result, the market recorded $14.9 billion worth of trading volume. Notably, 90.29% of this volume was linked to stablecoins.
Tether still had a comfortable lead over its competitors USDC Coin (USDC) and TrueUSD (TUSD) at press time. CoinMarketCap data indicated that USDC was ranked as the sixth biggest cryptocurrency given its market cap of around $25.772 billion. Similar to USDT, USDC was also able to maintain its peg to the Dollar.
Meanwhile, TUSD occupied position number 21 with its market cap of $3,508,272,488. Unlike USDC and USDT, TUSD was trading below the $1 mark at $0.9993 at press time.
Expectedly, USDT accounted for the majority of the trading volume in the stablecoin market. USDC and TUSD only made up $1.5 billion and $80 million respectively of the combined $13.34 billion stablecoin trading volume.
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