While the size of the Bitcoin community has shrunk in recent months, one part of the cryptocurrency industry has been steadily growing – the market capitalization of Tether's USDT, the leading stable currency in dollars.
The cryptocurrency, now the fourth largest by market capitalization, has been responding to a surge in demand in recent weeks, with the Twitter account Whale Alert tracking a series of transactions indicating that the USDT is in high demand.
Just today, on April 18, it was reported that another $ 120 million of the stablecoin was minted. According to analysts, that It could be important for Bitcoin and the rest of the cryptocurrency market in the future.
Bitcoin will benefit from Tether's growing market capitalization (USDT)
According to the data of the cryptocurrency analytics tracker Skew.com, the amount of USDT in circulation recently exceeded seven billion, or approximately 3.4% of the market cap of the entire cryptocurrency market by CoinMarketCap. This comes after a series of $ 120 million impressions, like the one mentioned above.