Bitcoin is not the Most Used Cryptocurrency in the World
by Gianluigi D
Recent reports show the most used cryptocurrency in the world is a surprising name, are we seeing an upset in the markets or a simple manipulation?
of cryptocurrency. Bitcoin, the world’s most used cryptocurrency, making up the 70% of cryptocurrency assets worldwide is not the most used cryptocurrency according to recent reports. The reports assessing the currencies being bought and sold globally, suggest that the most traded cryptocurrency is no other than Tether.
For those who might remember, Tether, used to be a recognized and popular actor in the early days of cryptocurrencies, but due to accusations of it being a scam, in 2014, it has lost its favour with the investors and customers. Over the years it has become a small actor, with the rise of different currencies it has become almost insignificant.
Despite its relative minority, recent reports suggest that it is the most traded cryptocurrency in the world, with exchanges surpassing all bigger actors. This surprising turn of events has raised quite a few eyebrows in the industry. While many have celebrated the numbers as a historic upset, signifying a change of trends in the crypto world, many experts believe the answer to these shifts is much simpler.
Industry experts believe that the large volume trades shown are merely a result of a wide-scale manipulation called ‘washing trades’. Wash trade occurs when assets are sold and bought at the same time, artificially manufacturing the appearance of trading activity in the hopes of appearing successful and making the asset more attractive to investors.
Just in April, Bloomberg reported that Tether was under investigation for ‘participating in the cover-up to hide the loss of about $850M in client and corporate funds’. Keeping that in mind, these ‘surprising numbers’ are more likely to suggest a scam rather than an overnight change in the popularity of Tether, overthrowing Bitcoin as the most popular cryptocurrency out there.
