I am perusing the Coinmarketcap website right now, and find the following data for Tether (USDT):
Market cap = $2,229,867,202
Volume (24h) = $3,031,250,000
Perhaps I don't understand the mechanics behind the trading - but how is it possible that the 24hr volume exceeded the market cap??
It is possible. Market cap simply means that it is the value of all existing USDT whereas volume means the amount of coins/money traded or swapped in X amount of time. Let's put it this way, TomatoCoin has a market capitalization of $2M, but the daily volume in Farm Exchanges produced a figure of $2.5M TomatoCoin exchanged. In this instance there were no new TomatoCoin added into existence but the
circulating supply of TomatoCoin in the exchange has been traded back and forth for it to reach that figure. I bought 2 TomatoCoin @$4, and sold it @$5; I produced $9 worth of volume just by using 2 TomatoCoins.