According to official Tether transparency data, the USDT’s market cap exceeded the $ 17 billion mark for the first time, reaching over $ 17 billion in total assets.
Tether’s market capitalization grew exponentially in 2020. In mid-September, Tether’s market capitalization increased nearly fourfold since the start of the year, topping $ 15 billion from around $ 4 billion.
According to data from crypto analytics firm Messari, USDT has seen a notable increase from August 2020 to today. As such, USDT has added over $ 5 billion in market capitalization over the past three months.
Tether (USDT), the largest stablecoin in the cryptocurrency market, is seeing a massive influx in its market capitalization, which is likely to fuel the current Bitcoin (BTC) price rally.
According to Ki Young-Ju, CEO of the CryptoQuant crypto data platform, the latest cryptocurrency rally is driven by more stablecoin deposits such as USDT. On November 5 he stressed:
“Once again, the price of $ BTC has skyrocketed immediately after the increase in the number of stable coin deposits.”
Ki Young-Ju earlier drew attention to this correlation in October, noting that the influx of stablecoin deposits was “helpful in predicting the BTC peak at the end of July”.
CryptoQuant data also shows that stablecoin influx transactions reached new highs of 2020 on October 18, surpassing 60,000 transactions. The number of such transactions has declined since then, reaching around 30,000 at the end of October.