In Q2 2023, the crypto market was turbulent, mostly in a downtrend before consolidating, impacting various assets. This market-wide trend has created opportunities for certain currencies to carve out greater market share and assert their dominance.
Notably, Tether, a stablecoin that tracks the USD, has seen significant growth and now holds record dominance over the alternatives.
Meanwhile, industry experts have speculated that Tradecurve, a new hybrid exchange, could establish itself as a top player in the world of crypto trading. This takes into account the regulatory challenges faced by major exchanges like Coinbase and Binance.
Tether dominating other stablecoins
When crypto prices fall, traders and investors often flock to stablecoins to protect their funds until the next uptrend.
Subsequently, Tether (USDT), a stablecoin, rose to prominence in this role. In the first week of June, USDT’s market capitalization reached $83.6 billion, surpassing its previous all-time high of $83.2 billion, setting a record high.
Among stablecoins, Tether’s closest competitor is USD Coin (USDC), which currently holds a market capitalization of $28.6 billion.
Over the past six months, Tether has consistently gained market share from struggling stablecoins like USD Coin (USDC) and Binance USD (BUSD), resulting in a significant increase of around $17.8 billion. dollars or 27.15% of its market capitalization.
Currently, Tether dominates over 65% of the stablecoin market.
Along with its stable value, the trust and transparency that USDT has established over time has contributed to its dominance as the leading stablecoin in the market.
Experts maintain a positive view of Tradecurve
Crypto experts have made predictions regarding the potential dominance of Tradecurve, a new hybrid crypto exchange, and how it could dominate crypto trading in the coming months.
The hybrid exchange model integrated by Tradecurve offers advantages over centralized exchanges such as Binance, Coinbase and Kraken.
However, experts remain bullish on Tradecurve not only due to the hybrid nature of the exchange, but also another key feature.
The hybrid exchange allows users to trade various financial instruments including stocks, commodities, options, Forex, ETFs, etc. from a single account.
As such, industry leaders say it could entice traders, who prefer the convenience of managing their assets on a unified platform, to use Tradecurve.
While Tradecurve is built on blockchain infrastructure, experts predict that crypto traders and traders of traditional platforms like FXTM, Deriv, Robinhood, and Tradestation will consider the exchange.
This inclusive approach can lead to Tradecurve’s dominance in trading.
Currently, Tradecurve is raising $20 million for the full rollout of its exchange. The pre-sale price of TCRV, its native token, is $0.015.
For what Tradecurve offers, traders and investors maintain a positive view of the platform; insight that could support TCRV token prices in the coming months.
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