The market cap of Tether’s USDT stablecoin has reached a record $120 billion, suggesting the October bull run, also known as the Uptober, could be in cryptocurrencies. This is potentially evidenced by the fact that the price of Bitcoin started to rise and reached $69,400 on October 21st. This is very close to the record of $73,737. What are pPlanB analysts’ predictions?
Of the 120.17 billion USDT in circulation, 61.49 billion USDT (51.17%) is within the Tron network, and an additional 54.48 billion USDT (45.34%) is within the Ethereum network.
of $USDT Market capitalization exceeds $120 billion!
The current distribution volume is $USDT It is 120.17B $USDTof which 61.49B $USDT(51.17%) are in circulation #Tron Network and 54.48B $USDT(45.34%) are in circulation #Ethereum.https://t.co/5Mzl43My0S pic.twitter.com/UUpm8FM4vC
— Lookonchain (@lookonchain) October 20, 2024
Stablecoins such as Tether act as a bridge between fiat currencies and digital assets. An increase in the supply of stablecoins is often seen as a positive indicator for the market as it indicates that investors are depositing these funds on exchanges to trade cryptocurrencies.
Data from analytics platform Arcam Intelligence shows that in recent days, a large portion of Tether’s stablecoin supply has been sent to popular centralized exchanges (CEXs) such as Binance, Bitfinex, and Kraken. are.
Moreover, after celebrating 10 years of the cryptocurrency market, Tether has achieved another achievement. 36.25 million new users were added in the third quarter of 2024. Over the past 12 months, growth has averaged 9%.
Therefore, the total number of wallets and accounts in the network reaches 330 million, which is equivalent to the population of the United States.
Source: Tether
