USDT’s market capitalization is nearing an all-time high of $84.1 billion.
A recovery in Tether could set the broader crypto market back on the upswing.
Metacade could be one of the biggest winners thanks to the huge potential of the project.
The cryptocurrency market has been in a bear cycle since 2021, with most coin and token prices down more than 50% from their all-time highs.
However, market sentiment has improved this year, with Bitcoin and other major cryptocurrencies up more than 40% year-to-date.
One of the biggest positives this year is the recovery of USDT, a stablecoin issued by Tether. USDT is still the world’s largest stablecoin in terms of market cap, and its recovery could bring great times for the cryptocurrency market.
Does USDT’s recovery signal a coming bull cycle and should investors take advantage of the opportunity to buy cryptocurrencies like Metacade?
USDT Market Cap Exceeds $83 Billion
USDT, the world’s leading stablecoin by market capitalization, has largely recovered from its bear market turmoil.
USDT’s market cap recently surpassed $83 billion, just below the all-time high of $84.1 billion set on May 10, 2022. According to data obtained from Coinmarketcap, USDT’s market capitalization crossed the $83.5 billion mark earlier today. This shows that stablecoins are doing just as well as they did during the last bull cycle.
What does Tether’s recovery mean for the cryptocurrency market?
Tether’s recovery is a great development for the broader cryptocurrency market. This is in the wake of numerous regulatory uncertainties and the US banking crisis.
The failure of Silicon Valley Bank severely affected the market cap of USDT’s closest competitor, Circle’s USDC.US crisis cut rival USDC supply from nearly $47 billion to $27.8 billion
With USDT currently nearing all-time highs, a liquidity crisis in the crypto space may not be a concern for investors.
Data provider Kaiko said the rise in USDT was not related to increased trading volume. The company said:
“Data has not shown a noticeable increase in USDT market share (measured by trading volume) compared to other stablecoins over the past few months. This is largely due to Binance pushing TUSD as an alternative to BUSD. because he did.”
The company further said that the rise in USDT may be due to offshore trading between market-making companies and whales.
How does this affect projects like Metacade?
A recovery in USDT will be a boost for the broader cryptocurrency market. Historically, Bitcoin has performed well when the total supply of USDT has increased.
USDT is now nearing all-time highs again, which could benefit Bitcoin and other cryptocurrencies.
MCADE, the native token of Metacade If the market recovers, it could be the biggest winner.
Metacade has performed well over the past seven days, even though the cryptocurrency market as a whole has posted modest losses. At the time of writing, Metacade’s price is $0.02111, down 1% in the last 24 hours. The token is up more than 5% from last weekend’s record low of $0.01954.
Despite its recent strong performance, MCADE is down 53% from its all-time high of $0.04569. This could be a great buying opportunity for investors.
Metacade has great potential in the GameFi ecosystem and is one of the tokens that investors can consider. This is his Web3 project on the Ethereum blockchain and the team is currently working on launching a Play-to-Earn ecosystem that will allow users to enjoy new his Web3 experiences.
what Metacade What we want to achieve is to allow players to seamlessly play, connect, build and earn. The team is also working to transform Metacade into a Decentralized Autonomous Organization (DAO) by next year, ensuring that projects are truly decentralized.
Should I buy Metacade now?
Metacade is a relatively new project whose token price has fallen more than 50% from its all-time high. This means that MCADE may be trading at a discounted price.
However, major investment decisions regarding MCADE should be made based on project feasibility. As mentioned above, Metacade wants to change the way the P2E model works by introducing a new Web3 experience to its users.
The development team raised $16 million in a recently concluded pre-sale event and is already working on building out the P2E ecosystem. The token has also launched on his Uniswap, MEXC, BitMart, and the team is working to get it listed on other major cryptocurrency exchanges.