In line with Tether’ official transparency data, the USDT market cap crossed a $17 Bln mark for the primary time, hitting over $17 Bln in total assets.
Tether’s market capitalization has been growing exponentially since that start of this year. As of mid-September, Tether’s market cap saw nearly a four-fold increase since the start of the year, surging above $15 billion from around $4 Bln.
In line with data from crypto analytics firm Messari, Tether saw a notable hike from August 2020 so far. As such, USDT added over $5 Bln in market cap over the past three months.
According to Ki Young-Ju – CEO of crypto data platform CryptoQuant — the newest cryptocurrency rally is being driven by an increased amount of deposits in stablecoins like USDT. Recently on 5th Nov., he outlined:
“Again, the $BTC price soared right after the number of stable coin deposits increased.”
Ki Young-Ju previously drew attention to the present correlation in October, adding that the influx of stablecoin deposits was “helpful to predict the BTC surge at the end of July.”
In line with CryptoQuant, the stablecoin inflow transactions hitting new 2020 highs on 18th Oct., exceeding 60,000 transactions. the amount of such transactions has fallen since, however, accounting for about 30,000 by the end of October.