Tether market cap surpasses $17 billion, fueling Bitcoin price rally

According to Tether’s official openness data, the USDT market cap crossed a $17 billion mark for the very first time, striking over $17 billion in overall assets.Tether’s market cap

has actually been growing tremendously in 2020. As of mid-September, Tether’s market cap saw almost a four-fold boost considering that the start of the year, rising above$15 billion from around$4 billion. According to data from crypto analytics firm Messari, USDT saw a notable boost from August 2020 to date. As such, USDT included more than $5 billion in market cap over the past 3 months.Tether(USDT), the biggest stablecoin in the cryptocurrency market, is seeing a massive increase in its market capitalization, which is most likely sustaining the present Bitcoin( BTC) price rally. Stablecoin market capitalization. Source: Messari According to Ki Young-Ju– CEO of crypto information platform CryptoQuant– the most current crypto rally is being driven by an increased quantity of deposits in stablecoins like USDT. On Nov. 5, he mentioned:”Once again, the$BTC rate soared right after the variety of steady coin deposits increased.”Ki Young-Ju previously drew attention to this

connection in October, keeping in mind that the influx of stablecoin deposits was”handy to forecast the BTC rise at the end of July.” Data from CryptoQuant also reveals stablecoin inflow deals striking new 2020 highs on Oct. 18, going beyond 60,000 transactions. The number of such transactions has

fallen since, nevertheless, accounting for about 30,000 by the end of October. Released at Fri, 06 Nov 2020

09:44:40 +0000

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