Business
How Tether is fuelling the Bitcoin price rally
The Bitcoin (CRYTPO: BTC) price is up 2.7% over the past 24 hours. One Bitcoin is currently worth US$58,009 (AU$75,336).
That’s still down 10.5% from the all-time high of US$64,829, which the Bitcoin price hit last month. But longer-term holders won’t be complaining. The Bitcoin price is up 100% so far in 2021, and it’s gained 550% since this time last year.
In a gauge of its use, CoinMarketCap tells me that US$41.8 billion of Bitcoin have changed virtual hands over the last 24 hours.
CoinMarketCap also tells me that during this same time there were US$87 billion Tether transactions.
That’s right.
Tether, with a market cap of only US$52 billion, has seen twice as much volume over the past 24 hours as Bitcoin, which has a…
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