Subscribe
CryptoWeb.xyz
No Result
View All Result
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
No Result
View All Result
CryptoWeb.xyz
No Result
View All Result

Tether Held on Exchanges Could Help Forecast Bitcoin Bull Runs

A crypto data firm representative explained how Tether’s on chain data can potentially forecast Bitcoin’s (BTC) bull runs.

Marketing and social media director at Santiment, Brian Quinlivan, told Cointelegraph on May 7 that the percentage of USDT held on exchanges often anticipates Bitcoin’s bull runs. He explained the principles behind the analysis:

“Most USDT isn’t just being taken off exchanges to be stored in wallets or cashed out through a FIAT-based platform like Coinbase. When people aren’t using USDT, they most often put it in Bitcoin. And what’s cool is the fact that this USDT percentage often fluctuates a few hours or days in advance of BTC’s price reacting to it. So monitoring this metric in advance can end up producing a tremendous advantage by catching a sudden fluctuation early enough.”

The correlation is expected to last

Quinlivan pointed out that this correlation started a couple of years after USDT launched, once the stablecoin gained traction. Now, he explained that Tether is clearly utilized as the top price-stable token. He also states that he is confident this correlation will continue to manifest itself in the future. Quinlivan noted that the one year chart has shown a distinct and clear inverse correlation for the past 9-10 months.

Related articles

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

On-chain Metric Flashes First Bitcoin Buy Signal Since 2019 – Here is What You Need to Know

Bitcoin price-portion of Tether’s USDT on crypto exchanges chart. Source: Santiment

Other interesting correlations

Quinlivan also pointed out a relationship between the amount of decentralized stablecoin, DAI, on crypto exchanges and Ether (ETH) price. He explained:

“The amount of supply of DAI on exchanges often seems to lead the way in Ethereum’s price. However, this is a bit less consistent than the BTC-USDT tie, since ETH’s price is more reliant on what BTC is doing at any given time.”

Lastly, the data firm rep acknowledged that other metrics are worth looking at as well. He specifically mentioned an interest in social trends, such as keywords and topic mentions on various social platform conversations. He said that — over the past couple of months — the firm observed the fear related to COVID-19 has had a direct inverse correlation to the price of BTC.

Bitcoin shows increasingly bullish signs

After a major downturn in March, Bitcoin is now increasingly showing bullish signs. As Cointelegraph reported earlier today, institutional investors appear to expect a Bitcoin bull run, given that futures on the Chicago Mercantile Exchange recently broke records.

Renewed interest in the leading cryptocurrency is also often attributed to the upcoming halving of Bitcoin’s block reward halving. This interest is not equally distributed and Cointelegraph recently analyzed which countries are the most interested in the event.

Share122Tweet76Share31
Previous Post

The Tron/Justin Sun Scandal Gets Hotter as Cryptoverse Seeks Explanation

Next Post

Journeys in Blockchain: William Quigley of WAX

Related Posts

How Bitcoin mining saved Africa’s oldest national park from bankruptcy
Bitcoin

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

On-chain Metric Flashes First Bitcoin Buy Signal Since 2019 – Here is What You Need to Know
Bitcoin

On-chain Metric Flashes First Bitcoin Buy Signal Since 2019 – Here is What You Need to Know

Price analysis 1/30: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT
Altcoin

Price analysis 1/30: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears
Bitcoin

Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears

Investors Pile Back Into Bitcoin As Bulls Bet Bottom Is In – Where Could BTC Price Go Headed Next?
Bitcoin

Investors Pile Back Into Bitcoin As Bulls Bet Bottom Is In – Where Could BTC Price Go Headed Next?

Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023
Bitcoin

Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023

ADS SIDE

More News

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

On-chain Metric Flashes First Bitcoin Buy Signal Since 2019 – Here is What You Need to Know

On-chain Metric Flashes First Bitcoin Buy Signal Since 2019 – Here is What You Need to Know

Price analysis 1/30: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

Price analysis 1/30: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears

Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears

Investors Pile Back Into Bitcoin As Bulls Bet Bottom Is In – Where Could BTC Price Go Headed Next?

Investors Pile Back Into Bitcoin As Bulls Bet Bottom Is In – Where Could BTC Price Go Headed Next?

Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023

Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023

Digital asset investment products see highest inflows since July 2022: Report

Digital asset investment products see highest inflows since July 2022: Report

Best Crypto to Buy Today 30 January – MEMAG, MINA, FGHT, MANA, CCHG

Best Crypto to Buy Today 30 January – MEMAG, MINA, FGHT, MANA, CCHG

As Dogecoin Price Explodes, These 3 New Altcoins Might 10x

As Dogecoin Price Explodes, These 3 New Altcoins Might 10x

Today in Crypto: Bitcoin Mining Difficulty Hits New ATH, Gemini Reportedly Investigated by NYDFS, South Korea Plans to Create a Crypto Tracking System

Today in Crypto: Bitcoin Mining Difficulty Hits New ATH, Gemini Reportedly Investigated by NYDFS, South Korea Plans to Create a Crypto Tracking System

  • Advertise with us
  • Contact Us
  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Sitemap

© 2020 Copyright - All rights reserved.

No Result
View All Result
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin

© 2020 Copyright - All rights reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT