During the 2020-21 run, the rapidly growing crypto market necessitated enormous amounts of USDT and other stablecoins to be printed.observed in a post on X. This continued to occur even as fears of imminent selling pressure after the halving soared over the past three weeks.has been considerably more bullish in the past week than it was in the latter half of April.
Since December 2019, the total number of USDT non-zero wallets has been rising rapidly for nearly three years till October 2022. Since then the metric saw a quick drop, and a gradual uptrend. This uptrend accelerated in November 2023, showing non-crypto folks were feeling greater FOMO and more willingness to participate in crypto than ever before. This is a positive sign for the entire space.During the 2020-21 run, the rapidly growing crypto market necessitated enormous amounts of USDT and other stablecoins to be printed.grew from $3.5 billion in February 2020 to $99 billion in March 2022.
The exchange reserve mirrored the supply and has slowly climbed in the past 12 months. This might need to start accelerating to replicate the previous bull run and keep pace with the next rapid growth cycle in the crypto market cap, if that scenario unfolds.The Tether dominance chart showed some similarities from the previous halving. Highlighted by the cyan box, the past halving saw the dominance fall for just over two months after the event before shooting higher in August 2020.
If the similarities extend, we might see a sharp drop across the crypto market early July, just over six weeks later.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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