As the demand for BTC increases, USDT volume also surges, and its market surpasses $11 billion. As USDT provides efficient liquidity for Bitcoin investors, Tether has witnessed a growth of 136% since the start of the year.
Crypto tracking site CryptoRank Platform said,” The market cap of leading stablecoin #Tether has surpassed $11B and it’s now $11.18B. This development represents a growth of 136% from the beginning of 2020.”
Traders and investors pick USDT as a favorite stablecoin to enter and leave cryptocurrency markets. According to some analysts, there is a strong correlation between Bitcoin and Tether. USDT helps traders to prevent from high liquidity of the cryptocurrency.
USDT Exchange Inflows Reached 8-months High
Recently, crypto data firm Glassnode reported that exchange inflows for USDT reached 8-months high, the highest since the start of 2020. It also surpassed Ripple and took the third slot at CoinMarketCap, but its position did not stay in the third position and again overcome by XRP due to bullish sentiments in the cryptocurrency markets.
The not only market cap of Tether is increasing, but its daily transactional volume is also surging exponentially. Recently, Messari claimed that USDT may become the top transacted cryptocurrency in the market after outshining top digital asset Bitcoin.
According to some analysts, there is no correlation between USDT and Bitcoin. James Li from CryptoCompre said:
“Looking at historical patterns in the graph alone does not seem to give off a bullish signal in my opinion. Some previous large inflows were followed by price decline, and some didn’t move the price. The time when it did eventually lead to price increase was after the big drop in March but this time around, there wasn’t a drop preceding this price increase.”
Stablecoins have seen significant growth since the start of the year, but USDT is at the top of the list. Many governments are also working to roll out their stablecoins.