- Stablecoin provide has grown to $181 billion, with $9 billion minted prior to now month.
- Tether (USDT) mined $7 billion in November, growing its market dominance to 70.19%.
- Bitcoin hit a brand new all-time excessive of $93,500, with $100,000 now trying extra attainable.
The stablecoin market grew to $181 billion prior to now week, up 3%, as Bitcoin and the broader crypto market proceed their historic rise, information from DeFiLlam reveals. Only a month in the past, the market was valued at $172 billion.
Meaning round $9 billion price of stablecoins have been requested by market members over the previous 30 days. This quantity additional confirms the constant upward development of stablecoin mining in current instances.
$7B USDT minted in two weeks
Simply 19 hours in the past, the biggest stablecoin issuer Tether (USDT) mined 1 billion USDT. This newest minting follows the discharge of $2 billion simply three days in the past.
In the meantime, a number of extra billion USDT mintings befell over the last two weeks of November. Particularly, Tether has mined 7 billion USDT since November sixth.
In consequence, Tether's USDT dominance has reached 70.19% with a market cap of $127 billion. Its closest competitor, USD Coin (USDC), has a market cap of $36 billion, with a number of mintings this month.
Bitcoin's path to $100,000 appears extra doubtless
The inflow of USDT and USDC coincided with renewed curiosity within the crypto market, fueling an ongoing bull run.
Bitcoin, for instance, lately hit a brand new all-time excessive of $93,500, having rallied round 40% over the previous two weeks from $66,800. Since Donald Trump's victory within the US presidential election in 2016, Bitcoin has continued to interrupt new highs virtually day by day.
With Bitcoin buying and selling above $90,000, its path to the much-desired $100,000 now seems to be extra promising than ever.
Amid Bitcoin's rise, a number of altcoins have additionally seen historic value performances, with Dogecoin (DOGE) being one prime instance. The king of meme cash has surged greater than 200% in current days, from $0.14 to commerce above $0.43, a value level not seen since June 2021.
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