will cryptos like Metacade rally higher?

Key takeaways

• USDT’s total market cap is close to its all-time high of $84.1 billion.

• Tether’s recovery could see the broader crypto market embark on a rally again.

• Metacade could be one of the biggest winners thanks to the project’s huge potential. 

The cryptocurrency market has been in a bearish cycle since 2021, with the prices of most coins and tokens down by more than 50% from their all-time highs. 

However, the market sentiment has improved this year, with Bitcoin and other major cryptocurrencies up by over 40% year-to-date.

One of the biggest positives this year is the recovery of USDT, the stablecoin issued by Tether. USDT remains the largest stablecoin in the world in terms of market cap, and its recovery could spell excellent times ahead for the cryptocurrency market.

Does USDT’s recovery signal an upcoming bull cycle, and should investors take the opportunity to purchase cryptocurrencies like Metacade? 

USDT’s total market cap crosses $83 billion

USDT, the world’s leading stablecoin by market cap, has almost recovered from the bear market jitters. 

The total market cap of USDT recently crossed $83 billion, which is just below the all-time high of  $84.1 billion reached on May 10, 2022. According to the data obtained from Coinmarketcap, USDT’s total market cap crossed the $83.5 billion mark earlier today, indicating that the stablecoin is doing as well as it did during the most recent bull cycle.

What does Tether’s recovery mean for the cryptocurrency market?

Tether’s recovery is an excellent development for the broader cryptocurrency market. It comes following numerous regulatory uncertainties and the banking crisis in the United States.

The collapse of the Silicon Valley Bank severely affected the market cap of USDT’s nearest competitor, Circle’s USDC. Due to the crisis in the US, the supply of rival USDC has declined from nearly $47 billion to $27.8 billion

With USDT now close to its all-time high, a liquidity crisis in the cryptocurrency space might not be something investors worry about. 

Data provider Kaiko revealed that the rising USDT isn’t tied to an increase in trading volumes. The firm stated that;

“The data doesn’t show any notable increase in USDT market share (as measured by trade volume) relative to other stablecoins over the past few months, in large part due to…