According to official data from Tether, USDT’s market value exceeds $ 17 billion for the first time, with total assets of $ 17 billion.
Tether’s market value will grow exponentially in 2020. Since mid-September, Tether’s market value has nearly quadrupled since the start of the year, peaking at $ 15 billion from around $ 4 billion.
According to data from cryptocurrency analyst Messari, the US dollar has grown significantly from August 2020 to today. Over the past three months, the US dollar has increased its market value by more than $ 5 billion.
Tether (USDT), the largest stack in the cryptocurrency market, is seeing massive influx of market capitalization, which is likely to fuel the current bitcoin (BTC) price rally.
The market value of a stable currency. Source: Messari
According to Ki Yong-Joo, CEO of crypto-data platform CryptoQuant, the recent rise in cryptocurrencies has been driven by an increase in deposits in stable currencies like USDT. On November 5, he said:
“Once again, the price of bitcoin in US dollars rose after the number of fixed deposits increased in the currency.”
Key Young-Joo previously drew attention to this link in October, stating that an influx of stable deposits “helped predict Bitcoin’s rally in late July.”
CryptoQuant data also shows that stablecoin flow transactions reached new 2020 highs on October 18, surpassing 60,000. But since then, the number of these transactions has decreased, and by the end of October it was around 30,000.