fbpx
Price Analysis

Bullish Trend in the Crypto is Continued, Tether All Set to Launch Chinese Version of Stable Coin

According to reports, Tether Holdings, the firm that issues Tether, is planning to launch a Chinese version of the stable coin called CNHT. Amidst the shoot up in demands in recent months, especially from China, the firm has decided to do so. Additionally, Tether Holdings has also set to launch stable coins backed by commodities like gold, rubber, and crude oil.

Tether Current Statistics:

  • On September 8, 2019, Tether (USDT) was trading at 1.002 USD at 09:10 UTC. 
  • At the same time, the market capitalization was around 4,083,206,246 USD. 
  • On top of that, Tether’s last 24-hr trading volume was approximately 17,983,324,567 USD. 
  • The coin is currently ranked at 6th position in the crypto market. 
  • The circulating supply stands at 4,071,193,568 USDT. 
  • Against Bitcoin, it was valued at 0.00016954 BTC. 

USDT to USD Comparison: 

Tether Price
USDT Chart by TradingView

On September 14, Tether (USDT) was trading around 0.9983 USD. In a period of 25-days, the coin made a hike of 0.36%. In the weekly chart, however, the stablecoin has gone down by a marginal amount of 0.07% from the market price of 1.0027 USD on September 02. Nevertheless, in yesterday’s trading, the coin made a bounce-back of 0.23%. It opened at 1.00 USD and wrapped the day at 1.01 USD on September 7, 2019.

Tether Price Prediction: 

For now, the immediate resistance for the altcoin is at 1.0145 USD and the support level is at 1.00094 USD.

Conclusion:

The launching of CNHT in China will enhance the volume growth in the stablecoin immensely. Since 2018, several stable coins have been launched. However, not a single one has challenged the stature of the USDT. For now, the trends in the crypto is bullish.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
Close