The market capitalization of Tether's USDT stablecoin has hit a record $120 billion, indicating a potential cryptocurrency bull run in October, commonly referred to as Uptober. This is further supported by the rising price of Bitcoin, which reached $69,400 on October 21, just shy of its all-time high of $73,737. It remains to be seen if analyst PlanB's forecasts will come to fruition.
Of the 120.17 billion USDT in circulation, 61.49 billion USDT (51.17%) is on the Tron network, with another 54.48 billion (45.34%) on the Ethereum network.
The $USDT market cap exceeds $120 billion!
The current circulation of $USDT is 120.17B $USDT, of which 61.49B $USDT(51.17%) is circulating on #TronNetwork and 54.48B $USDT(45.34%) is circulating on #Ethereum.https://t.co/5Mzl43My0Spic.twitter.com/UUpm8FM4vC
— Lookonchain (@lookonchain) October 20, 2024
Stablecoins like Tether function as a bridge between fiat currencies and digital assets. The increase in stablecoin supply is often viewed as a positive market indicator, suggesting that investors are bringing these funds to exchanges for trading cryptocurrencies.
Data from the analytics platform Arkham Intelligence reveals that a significant portion of Tether's stablecoin supply has recently been transferred to popular centralized exchanges (CEX) such as Binance, Bitfinex, and Kraken.
Moreover, following the 10th anniversary celebration in the cryptocurrency market, Tether has achieved another milestone: it gained 36.25 million new users in the third quarter of 2024. The average growth over the past 12 months stands at 9%.
As a result, the total number of wallets and accounts in the network has reached 330 million, equivalent to the population of the United States.
Source: Tether
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