Australia’s leading cryptocurrency exchange, BTC Markets, has recently expanded its trading offerings. This expansion came as a new XRP/USDT trading pair. This development will likely increase XRP’s visibility in the Australian crypto landscape. Additionally, it offers a new trading option for BTC Markets’ users.
Since its establishment in 2013, BTC Markets has traditionally offered AUD and BTC trading pairs. However, this addition of a USDT pair represents a significant shift. Notably, XRP is among the few cryptocurrencies to have a USDT pairing. This could be because XRP claims a dominant position in BTC Markets.
XRP contributes to more than half of the trade volumes in BTC Markets. Specifically, the XRP/AUD pair accounts for 56.39% of all trade volumes. This percentage solidifies it as the most actively traded asset on the exchange. Over the past 24 hours, this pair amassed a substantial volume of $3,176,044.
In comparison, the BTC/AUD pair, despite being the second most popular asset, had nearly half of XRP’s volume. With $1,638,903, it represents 29.10% of the total volumes. Therefore, XRP’s supremacy in the exchange is evident.
On the other hand, the XRP/BTC pair contributes a relatively small percentage to the total volume. It makes up just 0.01% of the overall trading volumes in BTC Markets. Hence, including the XRP/USDT pair represents an interesting dynamic.
BTC Markets’ decision highlights XRP’s growing relevance in the Australian crypto market. Additionally, it showcases the exchange’s commitment to providing a diverse range of trading options. Consequently, traders and market observers will closely watch the implications of this new trading pair on XRP’s trading volumes and price.
The XRP/USDT pair’s addition to BTC Markets is a significant development. Not only does it amplify XRP’s presence, but it also presents a new trading dynamic on the exchange. As such, all eyes will be on how this influences the Australian cryptocurrency market moving forward.
