Tether (USDT) Maintains Dominance in Stablecoin Sector
According to the latest weekly report by on-chain analytics firm Glassnode, the stablecoin sector has been experiencing net outflows overall. However, Tether (USDT) has continued to expand its market share. Glassnode analyzed the capital flows into and out of the cryptocurrency market, focusing on Bitcoin (BTC), Ethereum (ETH), and stablecoins, as they represent the majority of the digital asset sector.
The data shows that while USDT experienced a decline between April 2022 and the FTX crash, it has since rebounded with a $13.3 billion increase in supply. In contrast, both USD Coin (USDC) and BUSD have seen significant declines. As a result, Tether’s dominance in the stablecoin market has risen from a low of 44% in June to nearly 70%.
Bitcoin Sees Recovery Above $26,000
After initially dropping to around $25,000, Bitcoin has made a quick recovery and is now trading above $26,000. This turnaround in price has provided some optimism for Bitcoin investors.
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