Tether Mastermind Behind BTC Surge, Stays True To Its Position
Tether, the cryptocurrency that claims to be backed by a dollar for each USDT issued, is majorly a tool to mitigate risk against speculations rather than being an investment. Time and again, the coin has been staying true to its position in the crypto market. It has been a very engaging sight to watch Tether coin surge high since the April boom in terms of Market Capitalization. This can also be one of the reasons because it was late in April when the Tether Treasury printed another $250 million USDT in the market.
The market cap of Tether can be a spellbind for the recent Bitcoin surge that leads to the increasing supply bringing new USD in the Bitcoin exchanges.
"I think the new Tether that's being created is simply reflective of new dollars coming into the [Bitcoin exchange] ecosystem. … 99% of the time, when the Tether supply goes up, that coincides with new USD coming into Bitcoin exchanges." https://t.co/xpA7EF3vWD
— Tuur Demeester (@TuurDemeester) July 1, 2019
USDT to BTC:
The current USDT price (BTC) is 0.00010048.
The current market capitalization of Bitcoin is 174,270,835,850 USD, while that of Tether is 3,579,596,676 USD.
The Circulating Supply of Bitcoin is 17,792,637 BTC and that of Tether is 3,600,578,141 USDT.
Bitcoin is ranked on the 1st position in the market amongst all the cryptocurrencies while Tether is ranked on the 8th position; inevitable to note that Tether is the first and the only stable coin ranked in the list of top 10 crypto coins.
Tether to USD:
As per the above 5-days chart taken by TradingView from Kraken, it is very well evident that the price is hovering around $1.00, as popularly known to be a mirror of the fiat currency. The Tether price was of $0.9942 as on 27th June, which went as low as 0.9731 on the same day marking a dip of 2.12%. Later, the Tether coin has been seen prospering, until the last day of the previous month when it traded around $1.01 for quite some time giving a weekly high at the said price. Its been 2 days since then, the coin has manifested a sink, but not pinching a real concern as the current price of the coin is $0.9947. However, the current price is just 1.51% less than the week’s noted high price.
Technical Indicators:
The 6-day SMA and the 20-day SMA almost moves hand in hand with no major variations in the latest price when compared with the prices in the past 20 days.
The RSI remains slightly above 40, which does not indicate any high price volatility.
Tether Price Prediction and Conclusion:
Tether the prominent stable coin is expected to steadily and stably create a new all-time high real soon; as observed from its momentum since the start of 2019. It is expected that the coin price may trade around $1.03 to $1.06 by the end of the year.
