Tether market cap surpasses $17 billion, fueling Bitcoin price rally

According to Tether’s official transparency data, the USDT market cap crossed a $17 billion mark for the first time, hitting over $17 billion in total assets. As such, USDT added more than $5 billion in market cap over the past three months.

Tether (USDT), the largest stablecoin in the cryptocurrency market, is seeing a massive influx in its market capitalization, which is likely fuelling the current Bitcoin (BTC) price rally. According to Ki Young-Ju — CEO of crypto data platform CryptoQuant — the latest crypto rally is being driven by an increased amount of deposits in stablecoins like USDT.

Timeline of Bitcoin, Tether