Price volatility of cryptocurrencies is not something that is regarded as a savory reputation, and this is why investors favor stable coins. The stability they bring in is what balances your portfolio in difficult and unpredictable situations. With various complicated scenarios, humdrum prices of these are a welcome sigh.
Tether (USDT) is the stable coin that has been acting as a safeguard against the volatile crypto market. The influence that Tether has on Bitcoin and apparently on the crypto market is undeniable.
However, things are a bit different than what was expected. Controversies about the currency have been flooding over the internet. Many even blame this currency for manipulating Bitcoin’s price.
Right now, at UTC 09:04:33, on June 12, 2019, we are looking at the chart from the beginning of 2019. It is trading at USD 1.01 with 0.03% price growth. Although compared to yesterday’s price, there was a loss of 0.09%. With a market cap of $3.3 billion, currency promises 0.74% Return on Investment. And with the technical analysis showing the Bull Run, it promises positive results.
With Tether having a huge influence on Bitcoin, we also took a look at bitcoin price chart on Coinbase. It is not hidden that this stable coin does have a directly proportional relationship with Bitcoin. We can see the comparison in the above chart. With the increasing price, the bullish market is set to go.
The velocity is impressive even after the turmoil faced in the last two months.
Tether Price Prediction:
Bitfinex’s active CTO, Paolo Ardiono had mentioned on his twitter account about Tether Limited passing the $3 billion issuances on May 23, 2019. No updated about printing the new USDT since then.
The best thing to do right now is to wait for the confirmation of the news by authorities. Let’s see how the speculation will move the prices. The news may be true or not true, one thing is sure, controversies surround Tether, and they are not fading away.
Surrounded by controversies and encountered with U. S. regulators, Tether fails to regain its supporter’s trust. All the speculations are driving trading uncertainty on several platforms. Therefore, buyers are now a bit hesitant with the result.
Working hard towards offering the common stable coins across multiple blockchains, team Tether’s efforts are worth praise.
Technical analysis though is showing the start of a bullish market. It is always easy trying to find special treatment in the bulls’ market since it promises profitable growth.
Be careful, though. Given all the speculation and controversies, Tether remains a bit shaky. Invest your money wisely.