{"id":420759,"date":"2020-04-14T12:00:27","date_gmt":"2020-04-14T12:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=420759"},"modified":"2020-04-14T08:38:37","modified_gmt":"2020-04-14T08:38:37","slug":"the-42-growth-of-this-cryptos-market-cap-shows-more-upside-is-imminent-analysis","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-42-growth-of-this-cryptos-market-cap-shows-more-upside-is-imminent-analysis\/","title":{"rendered":"The 42% Growth of This Crypto’s Market Cap Shows More Upside Is Imminent: Analysis"},"content":{"rendered":"

Even after the recent correction, the broad crypto market remains far above it did at the absolute lows of March. Data from CoinMarketCap<\/a>, in fact, suggests that the aggregate of all cryptocurrencies is up to $196 billion as of the time of this article’s writing, 50% higher than the $129 billion low.<\/p>\n

This has been largely unexpected; just weeks ago, investors were fearing that Bitcoin “was dead” and heading “under $1,000.”<\/a> And even now, analysts have been largely skeptical of the rally, asserting that it could just be an “impulse higher” prior to a reversion lower.<\/a><\/p>\n

However, analysis suggests that the recent and ongoing growth of Tether USDT’s market capitalization shows that more upside is imminent for the crypto market.<\/p>\n

Related Reading: Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes<\/a><\/h6>\n

Tether’s Market Cap is Exploding Higher, Boding Well for Crypto Bulls<\/h2>\n

According to data from Skew.com,<\/a> after yet another series of prints, the value of all circulating USDT supply has risen to $6.7 billion, $2.2 billion higher than the approximately $4.5 billion market cap seen at the start of March.<\/p>\n

<\/p>\n

Analysts believe this trend to be positive for the cryptocurrency market, and may actually explain much of Bitcoin’s recovery from the $3,700 March lows to the current price.<\/a><\/p>\n

Charles Edwards, a digital asset manager, remarked in January<\/a>\u00a0that \u201cmajor changes in Tether\u2019s\u00a0market capitalization<\/span>\u00a0have led Bitcoin\u2019s price over the last 1.5 years.\u201d<\/p>\n

Prior to the nearly 50 percent crash in November 2018 that saw BTC plunge from $6,000 to $3,150, the amount of USDT circulating fell by hundreds of millions; also, prior to the majority of 2019\u2019s crypto rally was the printing of hundreds of millions worth of USDT.<\/p>\n

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Major changes in Tether's Market Cap have led Bitcoin's price over the last 1.5 years.<\/p>\n

5 January 2020 was no different. <\/p>\n

A healthy signal. <\/p>\n

Keep it printing \ud83d\udda8\ufe0f pic.twitter.com\/dfe0dBJzwh<\/a><\/p>\n

— Charles Edwards (@caprioleio) January 13, 2020<\/a><\/p><\/blockquote>\n