Tether's Capitalization Fell by More Than $700 Million in Two Weeks

Tether's Capitalization Fell by More Than $700 Million in Two Weeks

Researchers at CoinMetrics.io note that over the past two weeks, the capitalization of the most popular stablecoin, Tether USD (USDT) fell by $730 million.

Over the same time, the capitalization of altcoins competing with USDT increased by a total of 120 million. This suggests that a significant part of the capital was probably directed not to “new stable coins”, but to buying other cryptocurrencies, including Bitcoin.

Founder of Onchain Capital and presenter of Crypto Trader on CNBC Ran NeuNer notes that currently, the largest USDT holders are Tether Treasury (about 30%), the largest in terms of trading volume, Binance, and an unknown address.

Also, a significant part of USDT coins is concentrated on the Huobi, Poloniex and Bittrex exchanges. Only followed by the Bitfinex exchange that sent most of the Tether coins to the Tether Treasury.

Recall that a week ago there was an anomalous growth of Bitcoin on Bitfinex, against which the USDT price dropped to $0.92.

Four weeks ago, a well-known trader in the crypto community and analyst Tone Vays predicted the disappearance of the most popular stable-coin, Tether.

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