The cryptocurrency market has become much more centralized than ever before. At least according to an open-source data library Messari the real volume is focused across only three digital assets: bitcoin (EXANTE: Bitcoin), ether (ETH) and tether (USDT).
Today all the three digital assets account for 90% of trading volume.
The biggest part of volume is related to USDT as the total stablecoin supply reached an all-time high of $10.4 billion for the first time in history.
We're seeing real volume consolidate across the top 3— Messari (@MessariCrypto) May 13, 2020
📈 in 2019, these 3 comprised 75% of top 10 real volume
📊 Today, they comprise 90% (Tether growth 👀) pic.twitter.com/k328i8zftT
Bitcoin is still in the top three assets by real volume despite accusations of price manipulation and the recent halving, which caused a fall of bitcoin's hashrate by 16%, apparently due to the fact that miners now get half the rewards after the reduction of the block reward.
John Griffin, a professor at the University of Texas, and Amin Shams, an adjunct professor at Ohio State University, earlier said that a Bitfinex whale manipulated bitcoin price back in 2017, when it jumped by 2,000%.
iHodl previously reported that open Interest in CME bitcoin futures reached yearly high of $339 million as big players are coming back to the market.
According to Arcane Research, this is the highest level seen since the price peak in 2019.
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