Tether’s USDT stablecoin has surpassed a market cap of $120 billion for the first time, signaling a potential boost for the cryptocurrency market. This record high could lead to a renewed rally in Bitcoin and Ether, potentially breaking their seven-month downtrend.
As stablecoins act as a bridge between traditional fiat currencies and digital assets, a growing supply often indicates that investors are preparing to move funds into cryptocurrencies. The rise in USDT suggests optimism that a market surge could be on the horizon.
Back in August, after Bitcoin hit a low of around $49,500, Tether minted $1.3 billion USDT within five days, which helped Bitcoin recover by over 21%, reaching $60,271. With USDT hitting this new milestone, many are hopeful that the increase could again trigger a bullish momentum for major cryptocurrencies.
Summary Review: Tether’s USDT stablecoin has hit a record $120 billion market cap, potentially indicating an upcoming rally for Bitcoin and Ether. The growing supply of USDT often signals that investors are ready to dive back into the crypto market, suggesting the possibility of a bullish trend following months of downturn.
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