Yesterday I came across a pretty cool graph displaying into which coins/tokens the fiat money flows, which in this case can be a gateway or Tether as well, in the last 24 hours. The graph below can be found on CoinLib.io:
The data is currently based on:
- 4338 Cryptocurrencies
- 156 Fiat currencies
- 168 Exchanges
- 12961 Markets
As you can see, the most inflow comes from the Japanese Yen, the US Dollar and Tether (basically also USD). What I find surprising is the relative small Euro inflow, but I guess that has a lot to do with euro fiat gateways and euro pairs are absent on a lot of exchanges.
Next to that, although EOS is the third biggest ‘stop’, there is practically no fiat money directly flowing into EOS, except for some South Korean Won and Tether. So I guess this means there are no USD/EOS, EUR/EOS or YEN/EOS pairs yet. For exchanges it could be interesting to be the first one to add one or two of those.
Something else that surprises me is the limited flow from Ethereum into other crypto though. Not sure why that is. Maybe it is just a limit set on the graph itself.
Keep in mind that the graph does not display the outflows (a lot of short term trading takes place where a position in Bitcoin is bought and sold within minutes).
Also, you can where the fiat money that went into for instance Bitcoin went next:
When looking at crypto to crypto and where the Bitcoins flow into, I don’t see many surprises. It is the usual suspects within the top 30 and some projects that seem to have had some momentum in the last days.
I will probably take a look at this tool every once in a while in the future :-)
Anything that surprises you? Let me know!
Have a good one!
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Disclaimer: I am not a financial advisor, trader or developer. I am just a blockchain & cryptocurrencies enthusiast. Make sure you do your own research, draw your own conclusions and do not invest any money that you cannot afford to lose.
Not a surprise fiat to btc pairs are the most common. Until there are better fiat pairs than fiat to btc I think btc will continue to be king of crypto. Yet maybe this chart will be totally different a decade from now. Hard to say as there are only more altcoins being created as time moves forward. The over flow of altcoins may not make it easy to forsee which coin will rise as well as btc.
Can you explain what you mean with a pair. I buy BTC with EUR on coinbase europe. Is EUR/BTC then a pair?
That is correct! :-)
I saw this too and it surprised me as well to see the Euro take such a small role, but I think the chart gives a skewed picture. It almost seems as if Europe plays a tiny role in the crypto markets but I think a lot of european traders probably are using the USD(T) to trade. I know I've rarely used anything Euro-related in crypto and basically do all my trading, calculating and whatnot in either USD or BTC.
Also it seems weird if Europe is so small by comparison - I feel like Europe overall is pretty positive towards crypto and I frequently read reports of how many dutchies hold crypto (over half a million households I think?)
But yes the chart is pretty!
This means that as fiat pairs come online (for example USD/EOS) then Bitcoin trade volume will decrease. Same is true as other altcoin pairs that get USD direct. This is a great chart. Thanks for sharing.
That could be the case indeed. I'm not sure how the decision making process at exchanges around this topic works. I can imagine there are quite some risks on adding fiat gateways and pair them with blockchains that have not proven themselves as long as BTC or ETH.
On the other hand, if this is deployed on exchanges that have already a lot of pairs, it will allow for a lot more arbitrage opportunities and even more robot trading. I guess in general this raises the 'reserves' held on all exchanges by those bots trying to take advantage of this. Volumes might increase tenfold easily in a short period of time.
Anyway, it will be very interesting to see how fast this develops into the future!
Holy shit this is cool. I stickied it in my crypto browser!
Hi @cryptotem, can you give me another one of those telegram invites? I lost the one from a while back
You can find the link on my Steemit profile page :-)
Bitcoin Price need very fast supplementation from Big markets. I am worried at the moment that it will not happen in this year but
It will be better after vacations.
Maybe this is the reason why Bitcoin goes down and nothing else? Just imagine what would you do if you had hundreds of millions dollars for investing only and Summer started, who want in this situation to be on the market sitting as monkey with laptop?
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