Tether Market Cap Hits All-Time High as October Surge Nears
The leading stablecoin issuer, Tether, has seen its USDT offering hit yet another all-time high this year as an October surge approaches. Indeed, the leading US dollar-backed asset has surged to a $119 million record figure just seven days after setting its previous landmark value.
That is only expected to continue with October approaching. Dubbed ‘Uptober’ by the crypto market, the month should be crucial for the price positions of various cryptos. With Bitcoin looking to continue its ascent, there should be no shortage of impressive rallies taking place next month.
Also Read: Bitcoin: Can Recent Rally Prep BTC for a $70,000 Surge in October
‘Uptober’ Nears as Tether Gets a Heads Start
Tether has long dominated the stablecoin market. Amid its most recent ascension, data shows that the asset consisted of 75% of the entire stablecoin market share. Moreover, it generated $700 million more in profit than the $10 trillion asset manager BlackRock did in 2023.
That data shows the position that the firm is in, and the potential it still has. Now, Tether has reached a new $119 billion all-time high market cap, according to CoinMarketCap, as October gains still await. Indeed, the crypto market is preparing for some rather impressive increases to come in the next several weeks.
Also Read: Tether Generated More Profit Than BlackRock in 2023
The USDT stablecoin issuer has seen its market cap increase by a remarkable $1.5 billion in the last 30 days. Additionally, it is up a remarkable 36% over the last 12 months. Thus, showcasing the continued trajectory that Tether can enjoy as ‘Uptober’ nears.
October comes with notable anticipation, as traders predict Bitcoin to return to the $70,000 level. That increase could pave the way for a new all-time high, beating its $73,000 mark set in March of this year. With the Federal Reserve cutting interest rates for the first time in four years, the market is preparing for positive sentiment to dominate performance in October.