The XAUT coin continues to experience significant milestones, as recently the asset officially entered the top 10 perpetual trading pairs on the Binance cryptocurrency exchange, according to a revelation disclosed today by market analyst CryptoQuant.
Tether Gold (XAUT) is a digital gold, launched and managed by Tether (the operator of the USDT stablecoin). The commodity-backed stablecoin operates in the DeFi market to provide ownership of physical gold through blockchain technology, allowing global investors to hold and trade gold in a completely digital form. Since its launch in 2020, XAUT continues to record growth as the demand for a digital gold alternative is rising amid macroeconomic uncertainty and fiat’s decreasing purchasing power.
Top Futures Trading Pairs On Binance
XAUT is now among the top 10 perpetual trading pairs on Binance, making it one of the most traded assets on the largest crypto trading exchange in the world. Over the past few weeks, XAUT was ranked 453rd by perpetual trading volume on Binance as per data tracking from CryptoQuant. Now the digital gold has climbed its position to number 8 among all Binance perpetual pairs, as revealed today by CryptoQuant.
The analyst tracked the asset’s market performance, identifying huge trading volume increases gained recently. According to CryptoQuant data, last month, on January 26, XAUT’s daily trading volume stood at $381 million. While on January 28, the asset’s daily trading volume surged to $2.89 billion, it rose to a new all-time high of $4.18 billion on January 29. Early this month, XAUT printed daily trading volume averages of $2.99 billion, $2.62 billion, and $2.29 billion as per the data findings.
According to the latest metrics from CoinGecko, the top 10 perpetual trading pairs on Binance include BTC/USD-PERP, ETH/USDC, SOL/USDT, ETH/USD-PERP, XRP/USDT, BNB/USDT, BCH/USDT, HYPE/USDT, XAUT/USDT, and DOGE/USDT.
Among these, XAUT/USDT has attracted enormous user interest, pointing out that most traders are currently holding long positions, anticipating prices to climb further. This explains the recent XAUT price rally from $4,500 to rise above $5,400 before consolidating around $5,100. The above impressive market performance indicates that the digital gold is no longer a niche financial hedge instrument, as it currently competes with major crypto perpetual assets in terms of liquidity and investor appetite on Binance.
XAUT Market Heating Up
The crypto futures market is displaying massive momentum as a strong increase in trading volumes across multiple pairs shows surging trader interest. The trend signals that smart money is not just holding physical gold, but also flowing into gold derivatives on the crypto market. Metrics above indicate an interesting shift in money flow from altcoins to XAUT’s digital gold. The climb to enter the top 10 perpetual trading pairs on Binance suggests that the current interest in XAUT is substantially stronger than that in several other major altcoins.
