Key Notes
- Tether just minted another billion USDT.
- The crypto market cap surpassed $4 trillion with altcoins dominating the charts.
- A notable indicator on Coinglass just hinted at a potential market top.
The crypto market is seeing rising demand due to the expectations of a potential economic boost with the rumors of the US Fed rate cuts.
Tether has minted two billion USDT on Sept. 12 and Sept. 14, according to Lookonchain.
When new USDT is minted, it often means money is entering the market. Both small traders and large institutions use top stablecoins like USDT to buy Bitcoin (BTC), altcoins like Ethereum (ETH) or XRP (XRP), and even enter the decentralized finance sector.
Following the recent minting events, USDT’s market cap reached a new all-time high of $170.3 billion with a circulating supply of 175.7 billion tokens.
Notably, Tether unveiled its specifically US-focused stablecoin, called USAT, under Bo Hines, former White House crypto czar.
Moreover, 835.6 million USDT tokens have entered centralized crypto exchanges over the last seven days, with a 200 million USDT inflow in the past 24 hours alone, according to data from Coinglass.
This strengthens the buying spree on CEXs with high liquidity.
Everything, But One Key Indicator, Is Bullish
In addition to the direct stablecoin inflows, the crypto-based US spot exchange-traded funds have also recorded notable inflows.
Last week, spot BTC ETFs saw a weekly net inflow of $2.34 billion for the first time since the week of July 18. ETH-based investment products registered a weekly net inflow of $637.7 million in the same timeframe.
With the strong buying spree, the total crypto market capitalization reached a local high of $4.1 trillion on Sept. 13, according to CoinMarketCap data.
The Bitcoin dominance has been consistently declining over the past two months, reaching a local low of 56% at the reporting time. The movement shows that investors have been focusing more on altcoins than the leading digital currency.
This shows confidence and global momentum.
However, too much focus on highly volatile, low-cap altcoins also means there’s a higher chance of liquidations, rug pulls, or, as Coinglass puts it, could hint at a market peak.
The Coinglass bull market peak indicators — a list of 30 signals — show that the altcoin season, also known as altseason, index has surpassed the crucial 75 mark.
When the indicator hits 75 or spikes sharply, it usually signals peak euphoria. Historically, this has marked local tops in altcoin rallies before big corrections.
In simple terms, the Coinglass altseason index may be suggesting an overheated market or hinting at a potential short-term peak.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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Source: https://www.coinspeaker.com/2b-usdt-minted-in-2-days-its-all-bullish-except-this-one-signal/
