Bitcoin, which is the dominant currency in altcoins in the last bull run where Bitcoins and altcoins exploded, was replaced by USDT.
Bitcoin was very prominent in trading pairs, especially during the crazy bull run that started from 2017 and continued until early 2018. Alternative cryptocurrencies were mostly traded with BTC, and BTC was the dominant pair in the market.
After about 2-3 years, this dynamic has changed almost completely. Now stable cryptocurrencies indexed to the US Dollar have replaced Bitcoin as the dominant trading pair in the spot market.
Looking at the top 10 altcoins with their market value, this is clearly seen. Cryptocurrencies such as XRP, Bitcoin Cash, Bitcoin SV, Litecoin, Binance Coin, EOS, Tezos and Stellar are now bought and sold with stable cryptocurrencies that are mainly indexed to the dollar.
The answer to the question of why Tether (USDT), which is stated to be supported by the US dollar at a ratio of 1: 1, was seriously printing money in 2020. 2020 was an explosive year for stable cryptocurrencies. The total supply of these cryptocurrencies, including USDT, has reached $ 11 billion, and the lion’s share is at USDT with a rate of over 85 percent. It is followed by USDC with 7.2 percent share. Since the beginning of February, the market has grown 80 percent.
There are also stable cryptocurrencies supported by different currencies other than the US Dollar.