Bitcoin with a chance to chase risky assets? Tether with a new record

It's a relatively rare picture for bitcoin to hold steady amid a tech rally, a weakening US dollar, and falling bond yields. Nevertheless, that is what is happening. In April, the bitcoin rate increased by 2,67% and in May it fell by less than 7%. The Nasdaq 100, on the other hand, rose more than 10% in May. Only on an annual basis bitcoin seems to be defending as the price of the cryptocurrency is up 64% on the rise Nasdaq xnumx about 31%.

Will Bitcoin catch up with recent gains?

It can be said that traditional assets are currently making up for Bitcoin's earlier advantage, but does it have a chance for further growth? It seems that until around 24 up to 22 thousand USD are defended, the bitcoin rate can go even higher. Nevertheless, for this to happen, the quotes should break the potential resistance in the area of ​​31,5k. USD.

Bitcoin CFDs. CMC Markets platform Next Generation.

From industry information, it is impossible not to mention an important event in the form of a new capitalization record for the largest stablecoinai.e. USDT. On June 1, 2023, stablecoin issuer Tether surpassed the previous dollar-linked USDT token market capitalization record of $83,2 billion set in May 2022. Over the past 186 days, USDT's market value has increased by 27,15% from a low of $65,43 billion at the end of November 2022.

With a market capitalization of USD 83,23 billion, tether (USDT) surpassed the previous highest stablecoin market capitalization. The previous market capitalization peak was right before Terra UST lost its peg on May 9, 2023. On that date, USDT's market capitalization was $83,2 billion, but by June 1, 2022, it had fallen to $72 billion. After the collapse of FTX, USDT's market value fell to $65,43 billion by the end of November 2022.

Since then, USDT's market capitalization has grown with the number of tether tokens in circulation. Over the last six months, USDT supply has increased, pushing its market value up by 27,15% or about $17,8 billion. At the same time, top stablecoins such as USDC, BUSD, DAI and others experienced significant drops in supply. The total market capitalization of the entire stablecoin economy is currently at its lowest level since September 2021.

"Today's numbers show that people want access to financial freedom, and when they get that access, they will take advantage of it." - He said Paolo Ardoino, Tether's CTO in a statement sent to Bitcoin.com News. “Tether tokens offer a safe haven for the unbanked and allow people in emerging markets to retain their purchasing power even when their home currency is devalued.”