The dominance of Tether (USDT), the largest stablecoin by market capitalization, continues to decline. This began on the eve of the US presidential election and is still ongoing.
In October, this figure fell by 4%. And over the past year, Tether’s dominance has declined by 28%. This may indicate that investors are looking for new opportunities. Against the backdrop of a sharp rise in the price of bitcoin and high pro-cryptocurrency expectations from the Trump administration, the mood of the bull market is prevailing. Thus, the decline in the dominance of USDT indicates that trading participants are actively exchanging their stablecoins for BTC and altcoins, expecting further price growth.
According to analysts, interest in altcoins is growing, and a new surge in the digital asset market is possible. Currently, there is reason to expect that the 4th quarter of 2024 will be a successful one for market participants, which is reinforced by the decline in the dominance of stablecoins. Although the current altcoin season index is at 37 as of November 11, 2024, which indicates the beginning of the bitcoin season, BTC is ahead of most altcoins.
By the way, the offer Tether stablecoin (USDT) has increased by 34.27% over the past year, rising from 91.73 billion to 126.84 billion. Founded 10 years ago, the company now has a market capitalization of $124.07 billion. For comparison, the closest competitor, USD Coin (USDC), is up 50.57% since the beginning of the year, but lags far behind with a market capitalization of $36.67 billion and a supply of 36.68 billion USDC.
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