The USDT transaction quantity reached a brand new excessive during the last 4 months in response to Glassnode’s newest tweet posted on 7 November. With a number of elements in favor of USDT, it seems that the stablecoin will not be shedding its dominance anytime quickly.
📈 $USDT Transaction Quantity (7d MA) simply reached a 4-month excessive of 169,399,066.526 USDT
Earlier 4-month excessive of 168,437,806.873 USDT was noticed on 05 November 2022
— glassnode alerts (@glassnodealerts) November 7, 2022
You’ll be able to’t win all of them
Regardless of reaching a four-month excessive by way of quantity, USDT wasn’t in a position to compete with different stablecoins. As could be seen from the picture under, USDT ranked third by way of switch quantity. Moreover, the switch quantity occupied 13.6% of the general stablecoin house. Stablecoins reminiscent of USDC and DAI managed to dominte this area.
Nevertheless, USDT’s community development confirmed a special picture throughout completely different networks. As could be seen from the picture under, community development on Ethereum (Blue) and Optimism (Crimson) declined over the previous month. This indicated that the frequency with which USDT was being exchanged throughout addresses on these networks decreased.
Nevertheless USDT’s community development managed to witness an uptick throughout the identical interval on the Arbitrum (Yellow).
USDT managed to keep up some calm as there was an enchancment within the lively addresses depend. Over the previous 30 days, the lively deal with depend elevated by 14%.
Although the exercise for USDT had elevated, whales began to lose curiosity within the stablecoin. In keeping with information provided by Messari, the variety of addresses holding greater than $1 million USDT had declined by 7.55% within the final 30 days.
USDT at crossroads
Regardless of shedding curiosity from massive addresses, the stablecoin nonetheless managed to be one of the vital used good contracts by Ethereum whales. In keeping with WhaleStats, a crypto whale motion monitoring platform ,USDT ranked 6 by way of probably the most used good contracts by the highest 2000 Ethereum whales.
The curiosity in USDT weathered in centralized exchanges as effectively. USDT held on exchanges reminiscent of Bitfinex, Binance and FTX declined over the previous few months. Nevertheless, USDT holders on OKX, continued to develop and present religion within the stablecoin.
Regardless of the ups and downs being confronted by USDT, it nonetheless remained the highest stablecoin by way of market cap in response to CoinMarketCap. At press time, its total market cap stood at $69 million and its quantity had appreciated by 30.50% within the final 24 hours.