A few days ago, we talked about how Tether’s token, USDT, is a safe haven. It seems that what we are talking about in this article covers not only USDT but also other stablecoins in general.
Bitcoin and other cryptocurrency prices have been very active over the past few weeks. Bitcoin price, which changed several thousand dollars in a few weeks, made some investors laugh and upset some investors. Some investors found the cure to take shelter in hardcoins in order not to be affected by these movements.
Tether and Others
When we look at the Coinmarketcap data, we see that the market value of fixedcoins has increased significantly in the past few weeks. There is an increase of hundreds of millions of dollars in the market value of various fixed coins such as Binance USD and USD Coin.
According to the information provided by CoinGecko, the market value of USD Coin, which was 450 million dollars a month ago, increased 55% and reached 670 million dollars. During this period, the market value of Binance USD has increased by more than 100%. There was not much increase in the market value of fixed coins such as Gemini Dollar and True USD.
All these data show that people took refuge in fixedcoins. However, there is a reason why we put this title as “Tether and others”. People generally took refuge in fixedcoins, but fixedcoins such as Binance USD and USD Coin are still not close to USDT.
The market value of USDT was around $ 4 billion for a long time. This number, which has increased steadily in recent weeks, rose to $ 5 billion on March 13 (the day when Bitcoin fell from $ 7,000 to $ 4,000).
Even though this number has started to decrease in the last few days, USDT still has a market value of 4.6 billion dollars.