According to CoinGecko, the market capitalization of USDT surpassed $84 billion at the beginning of the month.
The market capitalization of the largest stablecoin – USDT – recently tapped an all-time high of $83.76 billion (according to the crypto analysis firm IntoTheBlock).
Other data aggregators, though, showed that the asset had increased well beyond that level earlier this month.
Stablecoins have performed quite well lately, and USDT continues to dominate the entire field. The combined market capitalization of the six biggest such tokens spiked last month to almost $125 billion.
USDT – the stablecoin issued by Tether – has emerged as one of the biggest winners in the crypto market ever since the COVID-19 pandemic shocked the world in 2020.
The asset pegged to the valuation of the American dollar became more attractive to people looking for alternative financial options amid the economic collapse prompted by the subsequent global inflation and military conflicts.
It is worth observing some figures to have a clearer idea of USDT’s growth over the past three years. The token’s market capitalization in January 2020 (when COVID-19 was first detected in the US) stood at approximately $4 billion, whereas it is well above 83 billion (according to TradingView) as of writing these lines.
IntoTheBlock recently revealed that USDT’s market cap jumped to an all-time high of $83.76 billion on July 24, surpassing the previous peak recorded in May 2022.
The figure deviated from the different charting platforms.
For example, TradingView estimated that USDT’s market cap tapped an all-time high of $83.83 on July 22.
USDT Market Cap
The cryptocurrency data aggregator – CoinGecko – presented even more bullish figures, showing that the asset’s capitalization surpassed $84 billion on July 6.
CoinMarketCap displayed that the new peak came on July 21 when USDT’s market cap hit $83.86 billion.
Despite its massive dominance, USDT has not been the only stablecoin in the spotlight. As CryptoPotato reported last month, the combined market capitalization of the six biggest such tokens – USDT, USDC, DAI, BUSD, TUSD, and USDP – jumped to just south of $125 billion.
The figure has slightly decreased in the following weeks, standing currently at approximately $122 billion.