Tether volumes seem unaffected by the bear market

While cryptocurrency trading volumes continue to decline amid the bear market, Tether’s volumes seem to be unaffected. As Bitcoin’s monthly traded volume slid to 11-month low in September, Tether recorded the third highest monthly trading volume in its existence. In fact, Tether recorded higher volume in September than it did at the peak of the bull market in December. The trading volumes of Ethereum continue to correlate with those of Bitcoin. In September, the volumes increased slightly from August, which was a 9-month low for Ethereum.

One possible explanation of the Tether phenomena is that the exchanges without banking have been introducing more Tether pairs. In November 2017, there were only 207 Tether pairs and most of the altcoins were still traded against Bitcoin. In December, where the highest uptick in volume was recorded, the amount of Tether pairs nearly doubled to 393. Today, there are approximately 400 Tether pairs and Tether’s volumes remained relatively stable in the past 9 months.