Although the cryptocurrency market is spread out with over 2000 different asset types but more than 90% of the trading volume focuses mainly on 3 top 10 asset types.
This shows that even though thousands of tokens have "grown like mushrooms after rain" in the years 2018, 2019, investors increasingly value liquidity in the same quality.
Bitcoin, USDT and Ethereum are the brightest stars
According to a recent research published by Messari, Bitcoin, Tether and Ethereum are "big" men who dominate the trading volume throughout the year 2020.
In particular, these three assets have accounted for 90% of the actual trading volume in the market.
Researchers at Messari mentioned about this data in a tweet:
The majority of cryptocurrency trading volumes in 2020 are from BTC, USDT and ETH. These three assets are now accounted for ~ 90% of actual vol, compared to 75% ago 1 year ago. '
Looking at the above chart, it seems that the BTC and ETH trading volume remains unchanged, except that the USDT is growing.
Meanwhile, Binance Coin, EOS, Litecoin and others are steadily declining.
USDT volume growth indicates USD is still considered a safe haven
The volume of USDT growth may be related to the uncertainty of the global economy. According to Withiam:
The increasing proportion of USDT is really not surprising... Cryptocurrencies are getting dollars at a rapid pace as the world still views USD as a large-value repository, especially during the crisis period. The demand for Stablecoin has no signs of slowing down.
With Ethereum, USDT and Bitcoin all accounted for enormous proportions in the total trading volume of the cryptocurrency market, it seems that investors are looking for the type of property they believe will work well in the context of economic turmoil.