Tether reaches all-time market capitalization high... “Is the ‘upturn’ beginning?”

The market capitalization of Tether (USDT), the largest stablecoin, surpassed $120 billion on Nov. 21, hitting an all-time high. According to data from Tether's official website, the market capitalization of the U.S.-dollar-linked Tether reached $120.597 billion on Nov. 21. As Tether's market capitalization reached a record high, foreign media speculated that the “upturn” that many investors have been looking forward to is just around the corner, attributed to the stablecoin and its use. This is because Tether is used as a base currency to purchase cryptocurrencies on global cryptocurrency exchanges.

In fact, the majority of Tether's volume is headed to centralized exchanges (CEXs). According to data released today by on-chain analytics platform Arkham Intelligence, Tether inflows to Binance and Kraken exchanges over the past two days totaled about $86 million. Tether's inflows have also boosted many altcoins, including Bitcoin (BTC), which broke above $69,000 on the morning of the 21st, by about 3%. It's a bull market in full swing. “The surge in Tether volume and Tether's move to CEX is a sign of increasing buying pressure from clarity investors,” Cointelegraph wrote, adding that ‘the history of ’uptoppers' rallies suggests a modest uptrend by the end of October.”