USDT's market cap hits a new high. Will the cryptocurrency rebound continue?
USDT's market cap has reached a new high of $147.21 billion, as announced by Tether's CEO, Paolo Ardoino. Despite this growth, the overall cryptocurrency market cap remains stagnant and may decline, indicating potential outflows from the market. This situation raises concerns about the sustainability of a rebound in the crypto market, with risks of a crash if outflows continue.
TradingKey - The market cap of USDT keeps rising. But this doesn't guarantee a rebound in the crypto market. A decline is still possible.
On April 26, Tether's CEO, Paolo Ardoino, announced on X that USDT's market cap reached $147 billion, setting a new record.
As of this writing, USDT's market cap stands at $147.21 billion. It ranks 120th globally, surpassing companies like S&P Global Inc, Caterpillar Inc, and Tata Motors Ltd.
Assets ranked 120-130 in global market capitalization, source: 8marketcap.
Despite USDT's growth, the total crypto market cap remains stagnant. It's even showing signs of decline. This suggests that funds are slowly exiting the market, making it hard for a rebound to last. If outflows continue, it could trigger a crash in the crypto market.
Total market cap changes in the crypto market over the last 30 days, source: CoinMarketCap.
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