Tether Reaches Highest Dominance Since April, Underscoring BTC Downtrend

Tether's dominance in the cryptocurrency market has surged to its highest level since April, highlighting a risk-averse sentiment among investors as Bitcoin experiences a notable decline. Currently valued at a market capitalization of $184 billion, Tether, the world's largest dollar-pegged stablecoin, serves as a crucial store of value during times of market turbulence. Recent data indicates that Bitcoin has fallen nearly 11% this month, now trading around $97,630. Historically, such increases in Tether dominance correlate with bear markets in Bitcoin, as traders often park their capital in stablecoins to preserve value. This recent uptick in Tether's market share suggests that traders are retreating to safer assets amid ongoing market pressures and uncertainties, further emphasizing the tendency to utilize stablecoins as a safeguard during downturns.

Source 🔗