In line with Tether’s official transparency data, the USDT market cap crossed a $17 billion mark for the primary time, hitting over $17 billion in complete belongings.
Tether’s market cap has been rising exponentially in 2020. As of mid-September, Tether’s market cap noticed nearly a four-fold increase for the reason that starting of the yr, surging above $15 billion from round $4 billion.
In line with data from crypto analytics agency Messari, USDT noticed a notable enhance from August 2020 so far. As such, USDT added greater than $5 billion in market cap over the previous three months.
In line with Ki Younger-Ju — CEO of crypto knowledge platform CryptoQuant — the newest crypto rally is being pushed by an elevated quantity of deposits in stablecoins like USDT. On Nov. 5, he identified:
“Once more, the $BTC worth soared proper after the variety of steady coin deposits elevated.”
Ki Younger-Ju beforehand drew consideration to this correlation in October, noting that the inflow of stablecoin deposits was “useful to foretell the BTC surge on the finish of July.”
Data from CryptoQuant additionally reveals stablecoin influx transactions hitting new 2020 highs on Oct. 18, exceeding 60,000 transactions. The variety of such transactions has fallen since, nevertheless, accounting for about 30,000 by the top of October.