Tether USD (USDT) is the leading stablecoin in the cryptocurrency market and serves as the primary gateway from fiat to cryptocurrencies. Its high liquidity and level of adoption make it one of the key players in the industry.
In recent weeks, the cryptocurrency market as a whole has been experiencing a strong bullish period, led by Bitcoin, which has reached yearly highs in anticipation of the launch of its ETF. This has attracted significant inflows of funds to the market.
So, anticipating a significant bullish rally in the last month, According to CoinMarketCap, USDT experienced a cumulative 1.79% increase over a four-week period, raising the market capitalization by $1.59 billion during that time. It went from a market capitalization of $83.43 billion on October 3 to $84.93 billion on November 2.
Furthermore, it’s important to highlight that the 24-hour trading volume also grew by 42.49%, jumping from $32.69 billion to $43.41 billion at the time of publication.
Interestingly, last week’s surge represented one of the most significant capital inflows into Tether USD during that period.
Tether (USDT) Reaches the Top
The market capitalization of USDT increased by over $500 million in the last seven days, representing 31% of this month’s dollar inflow. The volume benchmark also indicates a more liquid market.
Essentially, an increase in USDT market capitalization during a bullish rally typically signifies money flowing from fiat and traditional finance into cryptocurrencies.
Cryptocurrency traders and investors, whether retail or institutional, use Tether as the primary gateway from fiat to the market.
Despite this, Bitcoin (BTC) is currently in a consolidation range, some altcoins have broken historical downtrends, and the total cryptocurrency market capitalization is at yearly highs, surpassing $1.28 trillion. This indicates a capital inflow into cryptocurrencies and the continuation of a bullish trend.
