About the plots for price of BTC and volume of BTC as well as USDT in 2020, here you go.
- Real volume for BTC and USDT (in million) = figures on the plot * 10
Topic: Bitcoin and Tether USD (USDT) circulating supply (Read 174 times)
I included daily volume in OP, and the plot shows there is no significant increase in daily volume because of increase in circulating supply of USDT.
About the plots for price of BTC and volume of BTC as well as USDT in 2020, here you go.
About the plots for price of BTC and volume of BTC as well as USDT in 2020, here you go.
IMO a more interesting comparison is between trading volumes not circulating supply. the volume that bitcoin has versus different fiat currencies compared with the trading volume it has against stable coins (tether for simplicity) and the trading volume tether has against altcoins.
these values are taken from coinmarketcap.com and doesn't take into account the fake volume they report.
this chart tells us two things.
1. there is a lot of fake volume being reported by altcoin exchanges specially those involving tether.
2. the majority of tether volume comes from altcoin which indicates its main usage and purpose.
these values are taken from coinmarketcap.com and doesn't take into account the fake volume they report.
this chart tells us two things.
1. there is a lot of fake volume being reported by altcoin exchanges specially those involving tether.
2. the majority of tether volume comes from altcoin which indicates its main usage and purpose.
Can you tell what does the data imply?
The more USDT minted and injected to the circulating supply, the higher the pobability that bitcoin pumps or it could be the other way around. That is what I am getting at just by looking at the chart.
You can interpret the plots and get your own conclusions. Lag effects should be considered for your data interpretation. The instant effects are reasons news are created for but they are not true.The more USDT minted and injected to the circulating supply, the higher the pobability that bitcoin pumps or it could be the other way around. That is what I am getting at just by looking at the chart.
When price has significant falls or increases, hours later news will be released but you should ask yourself that why you always see news. They are tools to simply mislead you and to satisfy your curiosity. People are curious but they rarely look deeper under the ice and find real reasons. News never give you real reasons.
Can you tell what does the data imply?
The more USDT minted and injected to the circulating supply, the higher the pobability that bitcoin pumps or it could be the other way around. That is what I am getting at just by looking at the chart.
The more USDT minted and injected to the circulating supply, the higher the pobability that bitcoin pumps or it could be the other way around. That is what I am getting at just by looking at the chart.
There are many stable coins and this one is for Tether USD (USDT) only.
https://twitter.com/CryptoWhalebot/status/1318956720723550209?s=19
https://coinmarketcap.com/currencies/tether/
From data on coinmarketcap, I calculated circulating supply in specific day with the formula:
https://twitter.com/CryptoWhalebot/status/1318956720723550209?s=19
https://coinmarketcap.com/currencies/tether/
From data on coinmarketcap, I calculated circulating supply in specific day with the formula:
- Circulating supply = marketcap/ close price (daily)
- The calculated figure will be a little bit discrepant from the real one but it is acceptable and can be used.
- volume of USDT (in the plot) = USDT volume /20000000 (I do this to make plot more visual-friendly)
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