TL;DR Breakdown
- Tether spikes by 45% since the beginning of this year.
- Bitcoin Exchange Reserve continues to decrease.
Increment in Tether’s Market Value by 45%
Since the beginning of the year, Tether USDT’s market cap has increased tremendously by 45%, which is equivalent to about $30.33 Billion. The increase in Tether’s market cap is reportedly linked to the rise in demand for stablecoins.
According to the data from CryptoRank team, the increment in USDT is a new wave, considering the fact that it is just the beginning of the year. This is already evident as the market capitalization hits above $30 billion.
Since the year started, USDT has experienced a huge growth from $20.94B to $30.35B. Tether’s growth is as a result of the increase in the purchase of BTC, a source said.
With this new wave of interests in crypto, Tether (USDT) is gradually warming its way into the hearts of investors and traders as an ideal fiat on-ramps, especially for those who wish to invest in the cryptocurrency. Stablecoins is considered ideal for traders who are still skeptical about the crypto world.
Predictions About Bitcoin Comes True
Earlier this week, Coiner-Yadox, a crypto trader, pointed out the facts about the rise in Bitcoin even before it happened. Despite the increase in stablecoins exchange reserve, bitcoin’s exchange reserve continues to decrease.
Currently, USDT is considered the most preferred stablecoin for DeFi users both on the Ethereum and Tron networks. Stablecoins generally serve as the base for the majority of lending and borrowing platforms.
The total transaction volume of Tether issued on both networks is about $19.118 billion and $10.494 Billion respectively, and it is believed that this will increase as time goes on, with Defi gaining popularity and winning the hearts of customers and investors.
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