USDT, or Tether, is a stablecoin that is pegged to the value of the US dollar. It is designed to maintain a stable value, with each USDT token representing one US dollar in value. As a result, it is often used as a substitute for the US dollar in cryptocurrency markets, particularly for trading and hedging purposes.
One measure of USDT's influence in the cryptocurrency market is its "dominance," or the percentage of total market capitalization that is held in USDT. This can give an indication of the extent to which traders and investors are using USDT as a stable store of value or a means of exchange within the cryptocurrency market.
There are a few factors that can influence USDT dominance. For example, if there is a significant amount of demand for USDT, it could lead to an increase in its dominance, as more traders and investors seek to use it as a stable alternative to other cryptocurrencies. Conversely, if there is a decrease in demand for USDT, it could lead to a decline in its dominance.
The usdt.d chart has been moving within an ascending channel for a long time. Every time it touched the lower band of the channel, a downtrend started in cryptocurrencies. At the same time, every time it touched the upper band of the channel, recovery and rise processes began in cryptocurrencies. Currently, we are very close to the upper band of the channel as seen in the chart. I think we are in a very close position to the recovery and bullish phases of cryptocurrencies. It seems that there is a little more time for this, but time is running out, now we need to see signs of recovery in cryptocurrencies
Posted Using LeoFinance Beta
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