The fixedcoin market has grown significantly over the past few months. In this process, both the number of people using fixedcoins increased and new fixedcoins appeared. Until a few years ago, while only knowing the name of USDT, we now see various hardcoins such as USDC, BUSD, TUSD.
Increasing Market Value
We can understand how the fixed market has grown by looking at the total market value. According to the data compiled by Coin Metrics, the total market values of fixedcoins exceeded $ 8 billion.
As can be seen in the table above, the fixedcoin market has grown rapidly over the past few months and has become a $ 8 billion market. We can see that the leader of this market is obviously USDT. While the total market values of fixed coins have exceeded 8 billion dollars, 6 billion dollars of this number comes from USDT.
When we evaluate USDT in itself, we can see that the USDTs in Ethereum network are widely used. According to recent data, the use of Ethereum-based USDT has increased rapidly over the past few months, and one of the things that helped increase the market value of USDT was actually Ethereum.
Can Continue to Grow
The fact that the total value of the fixed market has exceeded $ 8 billion may not be impressive information in itself. But what is really impressive is that the market has grown so much in just a few months.
It should be noted that the total value of the fixed market is around $ 4-5 billion in mid-2019. Until that time, there was not much change in this number. But we started to see a big change in late 2019 or even in early 2020.
We can use USDT to explain how fast the market is growing. The total market value of USDT was $ 2.30 billion in December 2019. This number exceeded $ 5 billion after just a few weeks. Here you can see how the fixed market has changed over time:
— Spencer Noon (@spencernoon) April 13, 2020