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- 🔥 Poll: Can BTC Break Its ATH This Week?
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This Week’s Key Question: The market looks bullish, but the ATH remains a major resistance level.
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#Bitcoin Pizza Day# USDT’s Rising Supply, Declining Dominance Could Fuel Crypto Boom
The total cryptocurrency market cap is less than 15% away from reaching a new all-time high (ATH). Meanwhile, leading stablecoin Tether USDTUSD showed potential buying power in May.
These signs include Tether’s continued issuance of new USDT and a significant decline in USDT Dominance (USDT.D) in May.
USDT Trends Show Cryptocurrency Bull Run Could Continue
According to the data, Tether’s market cap reached a new all-time high, surpassing $151 billion.
Yesterday, Tether injected $1 billion USDT into the market. In total, the company issued $2.5 billion USDT in May alone. Since the beginning of the year, USDT’s market cap has increased by $13 billion, marking an increase of almost 10%.
“In the last 20 days, $6 billion in cash has been injected into the market through newly issued USDT. Tether’s current market cap is at $150 billion,” analyst Axel Adler Jr. said.
Currently, USDT accounts for 62.4% of the total stablecoin market, reaffirming its dominant position. In particular, the amount of USDT issued on the TRON network has exceeded $73 billion, surpassing Ethereum and making TRON the leading platform for USDT distribution.
The increasing market cap of USDT serves as a strong indicator of potential purchasing power. When the capitalization of USDT increases, it indicates that a large amount of capital is waiting to be invested in other crypto assets. This means that even if crypto prices fall, the market can quickly recover thanks to this incoming capital.
Another positive signal is the decline in the USDT Dominance index (USDT.D), which measures USDT’s market share relative to the total cryptocurrency market cap.
The data shows that USDT.D has fallen from 6% in April to 4.6% currently.
The decline in USDT.D suggests that investors are using their USDT to buy other crypto assets, such as Ethereum ETHUSD or altcoins. This behavior reflects a positive sentiment in the market. Instead of keeping their funds in stablecoins as a safe haven, investors seem more willing to take risks in search of higher returns.
“If Ethereum’s market share increases while Bitcoin dominance declines, it would indicate that some of the USDT flow is directed to altcoins,”
He provided a deeper insight by analyzing both the USDC.D and USDT.D indices. He believes that the combined ratio will continue to decline, which will further support Bitcoin’s bullish momentum in the future.
“Tether’s dominance is slowly decreasing. I expect Bitcoin to continue its upward trend. Liquidity is slowly shifting to riskier assets,”
With USDT’s market cap reaching record highs and USDT Dominance trending down, the cryptocurrency market is showing strong signals of a potential new bull run.
However, historical data suggests a lag in the impact. From January to April, Tether’s market cap rose from $137 billion to $144 billion, while Bitcoin’s price fell from $110,000 to below $75,000. This lag complicates timing estimates and highlights the difficulties of interpreting market signals in real time.