Tether Dominance Climbs to April Highs as Bitcoin Falters
Tether (USDT) has surged to its highest market dominance since April, reflecting heightened risk aversion in the cryptocurrency market.
The largest dollar-pegged stablecoin, USDT, currently holds a market capitalization of $184 billion. Widely used for trading, lending, and borrowing, Tether also serves as a dollar-equivalent safe haven during periods of market turbulence.
Bitcoin has fallen 11% this month to $97,630, prompting investors to park funds in USDT and other stablecoins. Historically, bear markets coincide with spikes in Tether dominance, as traders prioritize capital preservation. Technical indicators, including the MACD histogram, show renewed bullish momentum in USDT dominance, signaling caution among market participants.
