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Will USDT’s 70% dominance affect Bitcoin, Ethereum? Assessing…

August 21, 2024
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  • USDT led the market at press time, with a commanding 70% share
  • At the same time, Bitcoin tested the crucial $60k support level.

Tether [USDT] commanded the stablecoin market with a commanding 70% share at press time, while USDC held the second spot at 20.8%.

So, with a total market capitalization of $168 billion, stablecoins make up 8.2% of the entire cryptocurrency market.

Just as USDT reigns supreme among stablecoins, Bitcoin [BTC] continues to dominate the broader crypto landscape. 

Given their substantial roles, any major movements by either could send ripples across the entire crypto world, making their activities a key area of interest for AMBCrypto. 

USDT dominance could temper Bitcoin’s surge

Bitcoin last tested the $60,000 support level on the 8th of August, but bulls couldn’t hold the price. Since then, it has been consolidating for ten days straight.

However, a crucial bullish push has lifted Bitcoin out of consolidation, with its current price at $60,941.

Meanwhile, AMBCrypto’s analysis of a post by the data analytics platform Alphractal on X (formerly Twitter) uncovered a correlation between Bitcoin and stablecoins.

assessing USDT dominance at times of bullish Bitcoin price

Source : Alphractal /X

Historically, whenever Bitcoin has tested a key resistance level, it has coincided with an increase in stablecoin dominance. 

Put simply, this suggests that investors might be turning cautious. By converting their holdings to stablecoins, they protect themselves from Bitcoin’s volatility.

In a separate analysis, AMBCrypto explored whether the high USDT dominance could potentially reverse engineer Bitcoin into a downward trend. The study revealed the following insights.

USDT exchange net flow

Source : Glassnode

On the one-month chart, the total exchange net flow of USDT slipped into the negative zone, indicating that more USDT was being withdrawn from exchanges than deposited. 

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As of the 9th of August, approximately 41 million USDT flowed out of exchanges, a notable increase from the previous day’s 35 million.

If this trend continues, it could dampen Bitcoin’s price surge, potentially preventing it from breaching the $62k resistance level.

Bitcoin price chart, evaluating the price at times of soaring USDT

Source : TradingView

Altcoin season might not take hold if USDT dominates

In the same post, Alphractal concluded that the combined dominance of Bitcoin and all stablecoins stood at 65.2%, indicating low interest in altcoins.

Unsurprisingly, Ethereum’s [ETH] price surged beyond $2,600. Following Bitcoin’s rise, it reached $2,651 at press time. Despite this, the altcoin season index remained bearish.


Read Bitcoin’s [BTC] Price Prediction 2024-205


Data from CoinMarketCap revealed a striking trend: while Ethereum’s market cap plummeted by 23.77% and Bitcoin’s by about 9% over the past month, the stablecoin market cap actually grew by 3.04%. 

Market cap of stablecoins (USDT) relative to BTC and ETH

Source : CoinMarketCap

This shift highlighted a rising confidence in stablecoins, which, if unchecked, could dampen the momentum of major cryptocurrencies.

Next: dogwifhat soars 18.7% in 24 hours: Is WIF leading the memecoin recovery?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

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  • USDT led the market at press time, with a commanding 70% share
  • At the same time, Bitcoin tested the crucial $60k support level.

Tether [USDT] commanded the stablecoin market with a commanding 70% share at press time, while USDC held the second spot at 20.8%.

So, with a total market capitalization of $168 billion, stablecoins make up 8.2% of the entire cryptocurrency market.

See also  How will Bitcoin end 2023? Here's what the price prediction says

Just as USDT reigns supreme among stablecoins, Bitcoin [BTC] continues to dominate the broader crypto landscape. 

Given their substantial roles, any major movements by either could send ripples across the entire crypto world, making their activities a key area of interest for AMBCrypto. 

USDT dominance could temper Bitcoin’s surge

Bitcoin last tested the $60,000 support level on the 8th of August, but bulls couldn’t hold the price. Since then, it has been consolidating for ten days straight.

However, a crucial bullish push has lifted Bitcoin out of consolidation, with its current price at $60,941.

Meanwhile, AMBCrypto’s analysis of a post by the data analytics platform Alphractal on X (formerly Twitter) uncovered a correlation between Bitcoin and stablecoins.

assessing USDT dominance at times of bullish Bitcoin price

Source : Alphractal /X

Historically, whenever Bitcoin has tested a key resistance level, it has coincided with an increase in stablecoin dominance. 

Put simply, this suggests that investors might be turning cautious. By converting their holdings to stablecoins, they protect themselves from Bitcoin’s volatility.

In a separate analysis, AMBCrypto explored whether the high USDT dominance could potentially reverse engineer Bitcoin into a downward trend. The study revealed the following insights.

USDT exchange net flow

Source : Glassnode

On the one-month chart, the total exchange net flow of USDT slipped into the negative zone, indicating that more USDT was being withdrawn from exchanges than deposited. 

As of the 9th of August, approximately 41 million USDT flowed out of exchanges, a notable increase from the previous day’s 35 million.

If this trend continues, it could dampen Bitcoin’s price surge, potentially preventing it from breaching the $62k resistance level.

Bitcoin price chart, evaluating the price at times of soaring USDT

Source : TradingView

Altcoin season might not take hold if USDT dominates

In the same post, Alphractal concluded that the combined dominance of Bitcoin and all stablecoins stood at 65.2%, indicating low interest in altcoins.

See also  Bitcoin Mining’s Power Brokers: A Deep Dive Into the Top 15 Companies and Their Financial Architects

Unsurprisingly, Ethereum’s [ETH] price surged beyond $2,600. Following Bitcoin’s rise, it reached $2,651 at press time. Despite this, the altcoin season index remained bearish.


Read Bitcoin’s [BTC] Price Prediction 2024-205


Data from CoinMarketCap revealed a striking trend: while Ethereum’s market cap plummeted by 23.77% and Bitcoin’s by about 9% over the past month, the stablecoin market cap actually grew by 3.04%. 

Market cap of stablecoins (USDT) relative to BTC and ETH

Source : CoinMarketCap

This shift highlighted a rising confidence in stablecoins, which, if unchecked, could dampen the momentum of major cryptocurrencies.

Next: dogwifhat soars 18.7% in 24 hours: Is WIF leading the memecoin recovery?
Tags: affectAssessingBitcoinDominanceEthereumUSDTs

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    9 months ago

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Bitcoin dominance dips to 52%: Is a market shake-up coming?

Bitcoin dominance dips to 52%: Is a market shake-up coming?

June 26, 2024
GVD Markets Unveils Global Expansion Plan with Innovative Trading Solutions, Setting a New Standard in Online Trading Success

GVD Markets Unveils Global Expansion Plan with Innovative Trading Solutions, Setting a New Standard in Online Trading Success

November 30, 2024
Toncoin over Ethereum? Why TON could be your best bet in June

Toncoin over Ethereum? Why TON could be your best bet in June

June 13, 2024
Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

March 29, 2024

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