Massive Milestone: USDT Market Cap Breaks $120 Billion Barrier
Tether’s USDT has reached a new record-high market cap of $120 billion. This increase reflects the growing demand for cryptocurrencies, with stablecoins like USDT playing a key role in providing liquidity quickly and efficiently.
On this page
Tether’s USDT has reached a new record-high market cap of $120 billion. This increase reflects the growing demand for cryptocurrencies, with stablecoins like USDT playing a key role in providing liquidity quickly and efficiently.
USDT continues to dominate the stablecoin market, holding the top spot in its category and ranking third among all cryptocurrencies. Its closest competitor, USDC, has a market cap of $34.9 billion, which is four times smaller than Tether’s.
Top 5 Stablecoins by Market Capitalization. Source: dropstab.com
According to Tether’s official sources, the market cap of USDT hit $120 billion on Sunday, October 20, 2024.
Stablecoins like USDT act as a bridge between fiat currencies and cryptocurrencies, facilitating smooth conversions and transactions in the digital world.
The rise in their market capitalization points to an increase in buyer activity, which could potentially signal an upcoming bull market.
For example, on August 5, 2024, Tether issued $1.3 billion worth of USDT while Bitcoin traded at $49,500. Over the next four days, Bitcoin’s price surged by 21%, surpassing the $60,000 mark.
Is USDT's Record Market Cap Fueling Uptober?
The surge in USDT’s market cap may serve as one of the catalysts for the traditional October rally, also known as “Uptober.” Historically, the final quarter of the year has shown strong bullish trends in BTC prices.
Read more: October Surge: 5 Key Catalysts for Uptober 2024
In addition to USDT’s market cap growth, there has been a notable movement of USDT from Tether’s treasury to centralized exchange (CEX) wallets. For instance, since October 18, $82 million has been transferred to Binance, and $20 million to Kraken.
USDT Transfers to CEX. Source: arkhamintelligence.com
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
