March 28, 2024

USDT Capitalization Exceeds $ 17 Billion, Supporting BTC Rally

USDT Capitalization Exceeds $ 17 Billion, Supporting BTC Rally

Tether's market capitalization reached a new record high of $17 billion.

Tether capitalization in 2020growing at breakneck speed. Since the beginning of the year, when the stablecoin's total turnover was $4 billion, it has more than quadrupled – up to $17 billion.

According to information from the analytics firm Messari, in the last three months alone – from August 2020 to date – Tether's capitalization added $5 billion. 

Many experts believe that the massive influxa stable currency to the market could support the current rally in Bitcoin. According to the CEO of CryptoQuant, it was the large injections of USDT that influenced the price of the first cryptocurrency. He said:

Again, the price of BTC skyrocketed just after the stablecoins in circulation increased.

Earlier in October, he drew attention to this correlation, noting that the influx of USDT helped him predict the run of BTC in late July.

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Based on materialscointelegraph.com