The bear market has been merciless. But could Tether's rise imply that the cryptocurrency market is headed for a recovery curve?
Tether’s USDT Circulating Supply Sees Uptick After 3 Consecutive Months of DeclinesThe bear market has been merciless. But could Tether’s rise imply that the cryptocurrency market is headed for a recovery curve?
The market cap of the world’s largest stablecoin saw a modest uptick of around 0.7%. The cash injected into USDT has been relatively small and was under $500 million. The first mint in three months took place on July 29th. So far, four mints have occurred till August 2nd. Nonetheless, industry experts believe this to be bullish for the overall sector.Van Eck Associates Corp.
Tether’s market cap currently stands at over $66.3 billion. The supply had peaked at $83 billion in May this year before spiraling downward and shrinking by over 20%.Once dominating almost 90% of the market, Tether’s share has dropped considerably over the past few years. It was now around 45%. This year’s downfall has helped the stablecoin market to command a larger share in addition to boosting Tether rivals’ circulation as well. As USDT shrunk, Circle’s USD Coin gained prominence.
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