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Ripple visibility boosted in Australia as BTC Markets introduce XRP/USDT pair

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TL;DR Breakdown

  • BTC Markets, Australia’s leading crypto exchange, has added a new XRP/USDT trading pair to its platform.
  • The introduction of this USDT pair marks a significant shift from the traditional AUD and BTC pairs offered by BTC Markets since its 2013 inception.
  • XRP, with a dominant position in BTC Markets, contributes to over half of the exchange’s trade volumes.

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.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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