The role of Tether’s USDT in the cryptocurrency world cannot be underestimated. It is the most popular stablecoin by far. In recent days, the overall number of active USDT addresses has risen significantly, indicating something may be brewing behind the scenes.
Active USDT Addresses Spike Again
The past few months have been very interesting where the use of Tether’s USDT is concerned. Given the stablecoin’s popularity in the cryptocurrency space, it is one of the more active assets to look at today. This is aided by the fact of how Tether’s digital dollar is currently issued across many different blockchains.
Combining all of these aspects into a chart shows a remarkable trend. More specifically, throughout the first half of 2020, there was a clear rise in the number of active USDT addresses. That growth suddenly came to a halt near mid-June 2020, for reasons unknown, It is not uncommon to see a status quo in this segment, albeit it usually doesn’t last too long.
Since that time, however, the chart has become more “volatile’. More specifically, the daily gaps between the number of active USDT addresses has become more outspoken. Going from 140,000 active addresses one day, to just under 104,000 addresses a month later is unusual. More specifically, it is common for crypto assets, but not necessarily for stablecoins.
For those who wonder how this affects the role of USDT in the cryptocurrency world, very little has changed. More specifically, the number of active USDT addresses has only dipped below 100,000 for 4 days. Ever since, there has been a strong uptrend, and the 120,000 threshold has been surpassed again.
Overall USDT Market cap Rise Continues
The number of active USDT addresses only tells part of the story. Most people will keep a close eye on the overall market cap of this stablecoin. Rightfully so, as its growth chart is clearly impressive. Even today, this growth continues, regardless of the number of active addresses on the network.
To be more specific, the current USDT market cap sits at over $15.669 billion. This puts it well ahead of XRP, but still far behind Ethereum. Going by the recent rate of growth, it seems things are slowing down a bit. That may only be a temporary trend, however, especially if the Bitcoin price action were to heat up again. Such BTC price moves are often associated with plenty of USDT action.