Tether’s Supply on Exchanges Declining Rapidly, Total Stablecoins’ Market Cap at $22.7 bln
Bitcoin is taking a breather around $18,500 after rallying 72.5% In this quarter. Analyst PlanB said,
“Current Bitcoin price action is nice, but we are waiting for a real jump (like the red arrows early 2013 and 2017).”
“IMO that will be the start of the real bull market, and indeed phase5. January 2021?”
Just yesterday, BTC took a pullback to about $17,640, and today, it is back around $18,500.
Amidst this, the percentage of Tether supply on cryptocurrency exchanges is rapidly declining, reaching 13.06% after being at a 2020 high of 44.84% in mid-march following Black Thursday.
The last time, Tether supply was decreasing at such a pace was on July 20th. During that time, the price of Bitcoin rose by 28.2%.
The market cap of the popular stablecoin has climbed to nearly $17 billion, having increased more than 300% since April this year.
Not just USDT but other fiat-pegged cryptos have also seen explosive growth in 2020. The total market cap of stablecoins has jumped to $22.5 billion, up from $6 billion in early March.
USDC is the second-largest stablecoin that has been growing like crazy, even faster than the dominant USDT. With a market cap of $2.8 billion, Coinbase and Circle’s stablecoin had seen an increase of 500% since March when the prices of digital assets tanked hard along with other assets in the traditional world.
Other notable mentions include $683 million BUSD, $400 million Pax, and $255 million HUSD.