“Tether becomes more dominant as BTC loses ground.”, — write: www.coindesk.com
Tether is the world’s largest dollar-pegged stablecoin, trading at a market capitalization of $184 billion at press time. While the stablecoin is widely used to fund crypto purchases and for lending and borrowing activities, it’s also a dollar equivalent within the crypto market, serving as a preferred store of value during turbulent times.
In other words, investors tend to park money in USDT and other dollar-pegged stablecoins when the market wilts. And the crypto market has been under pressure lately, with market leader bitcoin losing 11% this month to $97,630.
Historically, bear markets have been marked by sharp increases in tether dominance, as traders seek to preserve capital. The onset of these bear markets often coincides with renewed bullish momentum in USDT dominance, as reflected by the MACD histogram’s crossover above the zero line (below left).
BTC vs Tether’s dominance. (TradingView/CoinDesk)
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Brutal selloff breaks psychological $2.30 floor, erasing recent gains as distribution overwhelms historic XRPC debut.
- XRP experienced a sharp 7.3% decline, breaking the $2.30 support level amid a broader crypto market downtrend.
- The launch of the first US spot XRP ETF coincided with this selloff, highlighting increased institutional access but also market volatility.
- Analysts warn of potential further declines, with significant token movements and fragile sentiment contributing to uncertainty.
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