Tether withdrew $ 300 million in cryptocurrencies from circulation last week

Cryptocurrency market has plummeted in recent days, which is an indisputable fact. But there is still one coin that has been the focus of recent lately, the Tether, with its impressive recent market capitalization.

Tether's market capitalization (USDT) soared

While many investors are looking to exit money quickly from the current situation, Tether's market capitalization does not seem to have any significant changes. In fact, when the last strong sell-off took place, the capitalization of this leading stablecoin sometimes increased by more than 5 billion USD.

“Today we have reached the $ 5 billion market cap, accompanied by a belief in a stable, transparent and liquid currency. This is a very important milestone and a confirmation of Tether's position in the stablecoin race. ”

The issuer of this token calls this a “historic milestone” and is a claim of USDT. At the same time, it can be considered that the stablecoin capitalization increased sharply, meaning that investors are temporarily leaving the market to wait for a day to rejoin.

Capitalization of other stablecoins

A number of other stablecoins have also increased slightly over the past 24 hours. The stablecoin USDC project of Circle and Coinbace increased from 461 million to 491 million USD during the turbulent period. While smaller stablecoins do not have such an impressive increase. Both TrueUSD, Binance USD and numerous other names have shown signs of decreasing capitalization in recent days.

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Overall, according to the Stablecoin index from Messari, the total market capitalization of the stablecoins has increased by more than $ 6 billion. This means that the game is being postponed and many investors are waiting for the opportunity to participate again, although the figure of 6 billion USD is still quite modest when compared to the evaporated 60 billion USD of The whole cryptocurrency market.

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According to Coin68 / BeInCrypto
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