CandleFocus Tether’s USDT passes $120B market cap, a bull could be next
2024-10-23
Author: Content Editor
Tether's stablecoin USDT has achieved a market capitalization of over $120 billion for the first time, potentially indicating positive sentiment in the broader cryptocurrency market. The increasing supply of stablecoins, like USDT, is often seen as a signal of an upcoming bull run as it suggests investors are accumulating stablecoins in preparation for investing in other cryptocurrencies. USDT is backed by Treasury bonds and its growing market cap suggests that people are anticipating a crypto bull market. Tether's stablecoin now controls two-thirds of the market, according to on-chain data, and the total market capitalization of stablecoins has reached a new all-time high of $171 billion. While the crypto market has seen slight drops in prices recently, the price of Bitcoin has increased by 0.57% in the last seven days.
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