Tether Dominance May Predict Bitcoin’s Price Surge Beyond $58,000

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The Essentials in Brief

Bitcoin could rise again and the Tether dominance chart could play a key role in this. The dominance of USDT is currently at 5.09%, with 4.9% considered strong support. The stable coin supply rate suggests a bearish sentiment.

Bitcoin: A Possible Rally in Sight?

Bitcoin has formed a range after it crossed the $50,000 threshold, which also represents a psychological resistance level. Although the bullish momentum has stalled, the market structure remains bullish at a higher time level.

Tether: Impact on Bitcoin Price?

The trading volumes of Tether (USDT) have increased significantly in the last month as the prices of altcoins and BTC have soared. Data from CryptoQuant shows that the Stablecoin Supply Ratio (SSR) fell sharply from January 8 to 23, but has since risen higher than the January highs.

What Does This Mean for Investors?

The SSR rally suggests a possible bearish sentiment, although we don’t yet see strong evidence of this. The market capitalization of Bitcoin rose from the lowest point on January 23 from $755 billion to $1.013 trillion. Similarly, the market capitalization of altcoins, excluding Ethereum, rose from $439.86 billion to $546.7 billion.

Our Assessment

Whether the market will continue to record gains could be better understood by examining the stablecoin metrics. The USDT transaction count showed a downward trend in 2024. If the dominance chart falls below 4.9%, it would be a strong indication that Bitcoin will rise beyond the resistance of $53,000 to $58,000. The altcoin markets would follow the price increase.

Sources

Akashnath S, Saman Waris, CryptoQuant, Santiment, TradingView.

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Casinos: 46
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Pros
  • First cryptocurrency, therefore very widespread
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Cons
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Price 61.828,00 €
Percent Change 24h 0,77 %
Percent Change 7d -1,20 %
Percent Change 30d 2,25 %
Percent Change 60d 27,39 %
Percent Change 1y 141,16 %
Market Cap 1.218.858.335.456,00 €
Max. Supply 21.000.000
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