- Tether minted over $13 billion in USDT since the beginning of November.
- The surge in USDT minting coincides with rising crypto prices.
- Bitcoin’s risk-adjusted returns appeal to investors.
Data from IntoTheBlock shows Tether has minted over $13 billion in USDT since the beginning of November. The crypto market analysis platform revealed on X that the last time USDT saw this minting rate was during the 2021 bull run.
It is crucial to note that minting over $13 billion worth of USDT in less than thirty days is a significant bullish development. It reflects growing demand for the stablecoin, which has become the base cryptocurrency for most digital asset traders.
Why is USDT So Popular?
Most crypto traders and investors use Tether’s USDT to enter trades. It also acts as a safe haven for users who want to exit volatile positions without withdrawing funds from exchanges. USDT and other stablecoins offer convenient crypto swaps, given their relative price stability.
This surge in USDT minting coincides with last November’s crypto market rally, highlighting the correlation between USDT demand and market trends. It emphasizes growing user confidence and potential anticipation for a continued bull market.
Read also: Tether Mints $1 Billion USDT on Tron to Meet Market Demand
IntoTheBlock highlighted Bitcoin’s bullish appeal by analyzing the cryptocurrency’s risk-adjusted returns. Data shows that Bitcoin’s Sortino ratio is higher than traditional markets. The same is true for Bitcoin’s Sharpe ratio, highlighting its potential to deliver superior risk-adjusted returns.
Bitcoin surged about 50% in November, using the opportunity to achieve a record price. The cryptocurrency reached $99,800 for the first time amid growing bullish momentum. BTC retraced to trade for $95,298 at the time of writing, as analysts predict further upside movement in the future, considering technical and macroeconomic factors surrounding the crypto market.
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