The influx of additional billions of dollars has already propelled Bitcoin closer to the $ 12,000 mark
At the same time, digital gold from Tether is not very popular.
The growth in activity on the Ethereum network due to USDT also leads to inflated fees
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Meanwhile, Bitcoin shows almost 2% growth, which is most likely associated with the inflow of money capital.
Capitalization of Tether (USDT), the largest stablecoin asset in the market, has renewed its all-time high, soaring to $ 12 billion.
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Another capital inflow became the largest in the history of a stablecoin issuer.
“Since March 2020, Tether’s market capitalization has increased from $ 5 billion to 140%, maintaining its leadership as the most liquid and reliable stablecoin,” Tether said..
One of the triggers of such a sharp increase in capitalization may be the release of USDT stablecoins for the TRON blockchain, as well as additional tokens based on the ERC20 protocol..
At the time of writing, TRON has nearly $ 4 billion in USDT stablecoins..
At the same time, almost half of all stablecoins on the TRC20 protocol account for only one address, which, according to TRON founder Justin Sun, is a hardware wallet of the Binance cryptocurrency exchange.
Gold is out of interest
It is noteworthy that the capitalization of digital gold from Tether (XAU ₮) is much lower and is only $ 94.4 million at the current XAU ₮ exchange rate of $ 1949.
The lack of interest of the cryptocurrency market in the digital version of gold may be due to the difficult threshold for entry (XAU ₮ trading is currently only carried out on Bitfinex and FTX), as well as unattractiveness, given that gold is now at historic highs.
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Earlier, Nick Carter, co-founder of the analytical blockchain agency Coin Metrics, said that while USDT continues to grow, stablecoins, literally translated from English as “stable” coins, continue to gain popularity in the digital asset market. With … More “can single-handedly overtake bitcoin [at average daily transaction value] in a couple of months”.
The price of popularity
However, along with the growth in the use of USDT, the commission costs in the Ethereum network are also growing, which recently also updated their historical maximum..
No! Tether did NOT just print BILLIONS!
So, the founder and CEO of Synthetix, Kane Warwick, previously noted that high commissions negatively affect the growth of the decentralized finance market (DeFi) Decentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and …. More).
“In the past three months, we have moved from an environment where DeFi was expensive and a little slow to use today, where it is prohibitively expensive for many people,” he said..
The cryptocurrency market has already reacted to the inflow of money capital. The bitcoin rate BTC / USDT has grown by one and a half percent and is trading at $ 11 690.
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