The largest stablecoin USDT managed to cover the losses it suffered in the FTX bankruptcy within two months. USDT increased its market value from $65 billion on November 27 to $67.85 billion as of yesterday.
This 3.8% increase brought USDT to its most valuable level in the last period, while an exchange trading volume of $ 980 billion was captured with Tether in this process.
“It looks like 2019 and 2020 ups”
Cryptocurrency analysis and news platform Blockworks stated that this rise in USDT supply coincides with large Bitcoin price increases in the past. Stating that the increase in the supply of Tether is similar to the increases seen in 2019 and 2020, Blockworks wrote that after these increases, Bitcoin increased from $ 3250 to $ 13 thousand in 2019, and brought a big rally from August to January 2021 in 2020.
USDC and BUSD go backwards
On the other hand, USDC and BUSD, the biggest competitors of USDT in the market, went back in this period. During the same period, the second largest stablecoin, USDC’s market cap fell 4.3% from $45 billion to $43 billion, while these figures fell from $21.8 billion to $15.7 billion for BUSD.
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