Today they correct the markets, if no money enters the crypto market, the correlation with Bitcoin and the markets will continue in the next few days.
The crypto market must therefore make use of the capital that is already available in both Bitcoin, Alcoins and stablecoins including Tether.
If we want Bitcoin to continue to rise, the dominance of Tether is for me the key graph, these days, in this crypto market.
we'll see
A few days ago I did an analysis on the dominance of USDT. (Tether) since it had reached an important support, now we will analyze what has been happening in the last days.
Indicating the dominance of Tether
Indicates how many dollars that are already in the crypto market are invested in Bitcoin and Alcoins.
I explained it in depth in the previous post I leave you the link
Tether Dominance Analysis
As we see in the graph, since the recovery of the price of Bitcoin, the dominance has been falling.
Investors have invested in Bitcoin and Alcoins and this has kept the bull cycle going in the short term
But now we find ourselves bouncing off great support, which has served us well before. This indicates that in this investors take profits or spend their investments in dollars.
Tether capitalization analysis
As we can see in the graph, no money has entered the crypto market, the capitalization of Tether has remained at 66 Billion. Money is not being withdrawn at the moment from the Crypto market, it is a good sign while Bitcoin corrects, but it is not entering either.
Analysis of the situation
Tether dominance did not break support, it is bouncing higher. This may indicate that the short-term bullish momentum for Bitcoin and Alcoins may be ending.
Other possibilities
- Only if money enters the crypto market can follow the short-term bullish movement of Bitcoin, it would be the only possibility to see a bullish Bitcoin with a bullish dominance in Tether.