USDT Capitalization Updated Its ATH
According to data provided by CoinMarketCap, the capitalization of USDT, the largest stablecoin, has exceeded $120 billion for the first time, indicating growing investor interest in the cryptocurrency market.
As a rule, an increase in the supply of stable tokens precedes the growth of the Bitcoin and other cryptocurrencies, since they serve as a tool for stimulating demand for digital assets.
Thus, in early August, Tether announced the release of USDT in the amount of $1.3 billion, after which the Bitcoin rate quickly approached the $50,000 mark.
In October, Tether began issuing dollar-backed tokens again. Experts predict that in the fourth quarter of 2024, the Bitcoin rate may reach $92,000.
Thus, stablecoins are entering the market that will be used to purchase Bitcoin.