{"id":534866,"date":"2023-05-24T20:04:59","date_gmt":"2023-05-24T20:04:59","guid":{"rendered":"https:\/\/wncen.com\/?p=534866"},"modified":"2023-05-24T20:04:59","modified_gmt":"2023-05-24T20:04:59","slug":"crypto-market-alert-tether-market-cap-fuel-hopes-for-major-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-market-alert-tether-market-cap-fuel-hopes-for-major-rally\/","title":{"rendered":"Crypto Market Alert: Tether Market Cap Fuel Hopes For Major Rally"},"content":{"rendered":"

Despite lackluster trade volume and price movements in the cryptocurrency market, Tether’s market cap is rising, nearing its all-time high of $82.9 billion. Tether, also known as USDT, is a stablecoin pegged to the U.S. dollar, making its value more stable than other cryptocurrencies.<\/span><\/p>\n

Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon?<\/a><\/div>\n

USDT’s Explosive Growth<\/b><\/h2>\n

The question remains: why is Tether’s market cap increasing despite the lack of strong movements in the cryptocurrency market?\u00a0<\/span><\/p>\n

According <\/span><\/a>to the research firm Kaiko, one theory is that the imminent end of BUSD, another stablecoin, and Circle\u2019s USDC March de-pegging event caused traders to rotate into USDT. However, data does not show a significant increase in USDT market share relative to other stablecoins in recent months.<\/span><\/p>\n

\"Tether\"
Stablecoin Market share on CEXs shows significant 76% dominance by Tether. Source: Kaiko Research.<\/a><\/figcaption><\/figure>\n

Another possible reason for Tether’s market cap increase is Binance’s promotion of TUSD as an alternative to BUSD. This move may have caused traders to move away from BUSD and towards other stablecoins, including USDT.<\/span><\/p>\n

On decentralized exchanges (DEXs), USDT accounts for just 20% of non-stablecoin swap volume, an increase since the start of the year, but not enough to explain the more than $15 billion increase in market cap over the same period. <\/span><\/p>\n

While the March banking crisis saw a large rotation of capital into USDT, the actual usage of the stablecoin on both centralized and decentralized exchanges suggests that the increase in market cap is \u201cinordinate\u201d, according to Kaiko. <\/span>Furthermore, one possible explanation for Tether’s climbing market cap could involve the Tron network. Most of all, USDT, or $46 billion worth, are issued on Tron, compared to just $36 billion on Ethereum. <\/span><\/p>\n

Despite Tron’s minimal decentralized finance (DeFi) activity and the lack of support from major exchanges like Coinbase, offshore exchanges such as Binance and OKX possess the largest USDT balances on Tron. This suggests that market makers and whales prefer Tron for its low transaction fees.<\/span><\/p>\n

In contrast to Tether’s market cap, USDC’s market cap correlates with trade volume. As USDC volume grows, the market cap increases similarly, and vice versa. USDT’s market cap, however, has little correlation with trade volume, which is questionable given that the primary use case for this stablecoin is trading.<\/span><\/p>\n

Large Tether Movements Raise Questions About Market Stability<\/b><\/h3>\n

According<\/a> to Whale Alert on Twitter, there have been several large movements of Tether’s stablecoin, USDT, in the cryptocurrency market in the past three hours. These movements suggest a significant transfer of funds, with implications for the broader market.<\/span><\/p>\n

First, an unknown wallet transferred 50 million USDT, or $50 million, to Bitfinex, a popular cryptocurrency exchange. This was followed by Kraken, another leading exchange, transferring 60 million USDT, or $60 million, to Bitfinex. Lastly, Tether Treasury, the issuer of USDT, transferred 60 million USDT to Bitfinex. Additionally, 50 million USDT was transferred from JustLendDAO to an unknown wallet.<\/span><\/p>\n

The movements of these large sums of money suggest that significant trading or investment activity may occur on Bitfinex, one of the largest cryptocurrency exchanges. These transfers may be related to a large purchase of cryptocurrency or a significant investment by a hedge fund or institutional investor.<\/span><\/p>\n

Related Reading: Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH<\/a><\/div>\n

Overall, the implications of these movements for the broader cryptocurrency market remain uncertain. However, given the size of the Tether transfers, it is possible that they could impact the market’s overall stability and could lead to a surge or decline in cryptocurrency prices.<\/span><\/p>\n

\"Tether\"
BTC’s downtrend on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite lackluster trade volume and price movements in the cryptocurrency market, Tether’s market cap is rising, nearing its all-time high of $82.9 billion. Tether, also known as USDT, is a stablecoin pegged to the U.S. dollar, making its value more stable than other cryptocurrencies. Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? USDT’s Explosive Growth The question remains: why is Tether’s market cap increasing despite the lack of strong movements in the cryptocurrency market?\u00a0 According to the research firm Kaiko, one theory is that the imminent end of BUSD, another stablecoin, and Circle\u2019s USDC March de-pegging event caused traders to rotate into USDT. However, data does not show a significant increase in USDT market share relative to other stablecoins in recent months. Another possible reason for Tether’s market cap increase is Binance’s promotion of TUSD as an alternative to BUSD. This move may have caused traders to move away from BUSD and towards other stablecoins, including USDT. On decentralized exchanges (DEXs), USDT accounts for just 20% of non-stablecoin swap volume, an increase since the start of the year, but not enough to explain the more than $15 billion increase in market cap over the same period. While the March banking crisis saw a large rotation of capital into USDT, the actual usage of the stablecoin on both centralized and decentralized exchanges suggests that the increase in market cap is \u201cinordinate\u201d, according to Kaiko. Furthermore, one possible explanation for Tether’s climbing market cap could involve the Tron network. Most of all, USDT, or $46 billion worth, are issued on Tron, compared to just $36 billion on Ethereum. Despite Tron’s minimal decentralized finance (DeFi) activity and the lack of support from major exchanges like Coinbase, offshore exchanges such as Binance and OKX possess the largest USDT balances on Tron. This suggests that market makers and whales prefer Tron for its low transaction fees. In contrast to Tether’s market cap, USDC’s market cap correlates with trade volume. As USDC volume grows, the market cap increases similarly, and vice versa. USDT’s market cap, however, has little correlation with trade volume, which is questionable given that the primary use case for this stablecoin is trading. Large Tether Movements Raise Questions About Market Stability According to Whale Alert on Twitter, there have been several large movements of Tether’s stablecoin, USDT, in the cryptocurrency market in the past three hours. These movements suggest a significant transfer of funds, with implications for the broader market. First, an unknown wallet transferred 50 million USDT, or $50 million, to Bitfinex, a popular cryptocurrency exchange. This was followed by Kraken, another leading exchange, transferring 60 million USDT, or $60 million, to Bitfinex. Lastly, Tether Treasury, the issuer of USDT, transferred 60 million USDT to Bitfinex. Additionally, 50 million USDT was transferred from JustLendDAO to an unknown wallet. The movements of these large sums of money suggest that significant trading or investment activity may occur on Bitfinex, one of the largest cryptocurrency exchanges. These transfers may be related to a large purchase of cryptocurrency or a significant investment by a hedge fund or institutional investor. Related Reading: Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH Overall, the implications of these movements for the broader cryptocurrency market remain uncertain. However, given the size of the Tether transfers, it is possible that they could impact the market’s overall stability and could lead to a surge or decline in cryptocurrency prices. Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":534868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[78790,6664,1558,4100,10263],"class_list":["post-534866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nCrypto Market Alert: Tether Market Cap Fuel Hopes For Major Rally<\/title>\n<meta name=\"description\" content=\"Despite trade volume and price movements in the crypto market, Tether market cap is on the rise, nearing its ATH of $82.9 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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