USDT.D reaching new levels 🧟♂️ Not good outlook for crypto 🙅
Greetings,
USDT Dominance currently sitting at 6.10%, reaching levels it has not seen before which is further bad news for Cryptocurrencies. I spoke yesterday about 5.40% being its high point and we may be able to see some relief here and a potential reversal, well I was wrong, it smashed through yesterdays levels and does NOT look like stopping any time soon. As the % of USDT.D rises in the chart above, this means people are selling their Bitcoin or Altcoins for USDT, essentially as this % rises we see price of BTC & Alts fall.. I'm trying to stay positive about the current market states, but it's looking bleak.
What is USDT.D?
USDT (or Tether) is a stable coin, pegged to the USD. The USDT dominance is the ratio between the market capitalization of USDT to the total market cap of the entire cryptocurrency market. When we compare this ratio to the trend of USDT itself, we can learn more about what opportunities the current market environment offers and the flow of money between Bitcoin, Altcoins & Stablecoins.
USDT dominance chart is a recent chart that TradingView has added, most crypto traders are focused on the BTC dominance chart. But this chart gives a rare insight into market conditions. We have to thank @TradingView for recently adding this one!
BTC Dominance Chart
We can see BTC.d is not giving us any major indications of a bearish or bullish future which is why at this point in time I am focusing on USDT.d.
TOTAL
TOTAL shows total market capitalization of the top-125 cryptocurrencies.
Remember, nothing is guaranteed, control the controllables.
Mogues.
USDT Dominance currently sitting at 6.10%, reaching levels it has not seen before which is further bad news for Cryptocurrencies. I spoke yesterday about 5.40% being its high point and we may be able to see some relief here and a potential reversal, well I was wrong, it smashed through yesterdays levels and does NOT look like stopping any time soon. As the % of USDT.D rises in the chart above, this means people are selling their Bitcoin or Altcoins for USDT, essentially as this % rises we see price of BTC & Alts fall.. I'm trying to stay positive about the current market states, but it's looking bleak.
What is USDT.D?
USDT (or Tether) is a stable coin, pegged to the USD. The USDT dominance is the ratio between the market capitalization of USDT to the total market cap of the entire cryptocurrency market. When we compare this ratio to the trend of USDT itself, we can learn more about what opportunities the current market environment offers and the flow of money between Bitcoin, Altcoins & Stablecoins.
USDT dominance chart is a recent chart that TradingView has added, most crypto traders are focused on the BTC dominance chart. But this chart gives a rare insight into market conditions. We have to thank @TradingView for recently adding this one!
We can see BTC.d is not giving us any major indications of a bearish or bullish future which is why at this point in time I am focusing on USDT.d.
TOTAL shows total market capitalization of the top-125 cryptocurrencies.
Remember, nothing is guaranteed, control the controllables.
Mogues.
