The new highs of Bitcoin come between lots of new money flowing in via stablecoins.
The USDT market cap passed a $50 billion line for the first time, beating up to $50 billion in overall assets according to Tether’s official transparency data.
The market cap of Tether has been rising exponentially in 2020. As of mid-September, Tether’s market cap had witnessed almost a four-fold rise since the beginning of the year, increasing over $15 billion from around $4 billion.
USDT noticed an unusual rise from August 2020 to date according to data from crypto analytics company Messari. As so, over the past three months USDT added more than $5 billion in market cap.
Tether (USDT), the biggest stablecoin in the cryptocurrency market, is witnessing a huge influx in its market capitalization, which is expected fueling the Bitcoin (BTC) price rally which is going on right now.
Ki Young-Ju who is the CEO of crypto data platform CryptoQuant, is telling that the new crypto rally is being driven by an improved amount of deposits in stablecoins like USDT.
On Nov. 5, he told:
“Again, the $BTC price soared right after the number of stable coin deposits increased.”
Ki Young-Ju earlier brought attention to this correlation in October, telling that the influx of stablecoin deposits was “helpful to predict the BTC surge at the end of July.”
CryptoQuant's data also reveals stablecoin inflow transactions beating new 2020 highs on Oct. 18, passing 60,000 transactions. The amount of such transactions has dropped since, however, estimating nearly 30,000 by the end of October.
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