Major stablecoin issuer Tether has seen its USDT offerings reach another all-time high this year as the October surge approaches. In fact, the major US dollar-backed asset soared to a record $119 million just seven days after setting its previous landmark value.
This situation is expected to continue as October approaches. This month, known as “Uptober” in the crypto market, should be an important month for the price positions of various cryptocurrencies. There will be no shortage of impressive gains over the next month as Bitcoin looks set to continue its rally.
Source: AltFi
Also read: Bitcoin: Recent rally could set BTC up for $70,000 surge in October
Tether gets a head start as ‘Uptober’ approaches
Tether has dominated the stablecoin market for many years. During the recent rally, the asset accounted for 75% of the total stablecoin market share, according to the data. Additionally, it generated $700 million more in profit than $10 trillion asset manager BlackRock made in 2023.
That data shows where the company is and what potential it still has. With October profits still awaited, Tether has now reached a new all-time high market cap of $119 billion, according to CoinMarketCap. In fact, the crypto market is bracing for a pretty impressive rally in the coming weeks.
Source: Cryptoslate
Also read: Tether generated more profits than BlackRock in 2023
The USDT stablecoin issuer has seen an impressive increase in market capitalization of $1.5 billion over the past 30 days. Moreover, it has grown by an impressive 36% over the past 12 months. In this way, it shows the continued trajectory that the tether can enjoy as “Uptober” approaches.
Traders are predicting Bitcoin to return to the $70,000 level, raising notable expectations for October. This increase could pave the way for a new all-time high, surpassing the $73,000 level reached in March of this year. Markets are bracing for positive sentiment to dominate October results after the Federal Reserve cuts interest rates for the first time in four years.
