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Stablecoin market is showing signs of recovery and its resurgence could play a crucial role in the broader cryptocurrency market’s recovery. Tether’s (USDT) market value has observed an increase. This rise has significantly contributed to the market’s overall growth.
Stablecoin Market Value on the Rise
IntoTheBlock data indicates that the stablecoin market value is recovering after significant declines in 2022 and 2023. The data showed a notable decrease in market value throughout 2022, which continued until October 2023. However, since October, there has been a noticeable revival, with an increase of over 9 billion dollars.
This increase in market value could signal the start of a bull run reminiscent of the trends observed in 2021. Moreover, USDT played a significant role in further expanding the market value. Along with the overall increase in stablecoin market value, USDT’s market value also experienced a notable rise. According to IntoTheBlock’s data, USDT market value recently reached a milestone.
It hit a record high, reaching approximately 94 billion dollars, but at the time of writing, it had surpassed this milestone, climbing over 96 billion dollars. Additionally, an analysis of USDT supply on exchanges showed a consistent increase since November 2023. By the end of November 2023, the total supply on exchanges was around 9.4 billion dollars.
Supply Balance of USDT
At the time of writing, the supply on exchanges was over 13 billion dollars, which could indicate an increase of approximately 4 billion dollars. This increase in supply suggests that there is growing activity and demand for USDT in the market. CoinMarketCap’s cryptocurrency market value analysis showed a trend of recovery starting around October 2023. This recovery followed a prolonged decline compared to the previous year.
Data indicates a rising trend that has lifted the market value from approximately 1 trillion dollars to over 1.6 trillion dollars. The significant influx of stablecoins into the market demonstrates that investors are ready to invest again and also reflects rising sentiment. This renewed interest and confidence in the market could be fundamental factors contributing to the ongoing recovery of market value.
