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Unique tether addresses indicate possible rally

 


The number of unique Tether addresses suggests that a larger move could be ahead for cryptocurrencies. Bitcoin also appears to be supporting this as the price is hovering above $41,000 at the time of writing.


On March 21, Bitcoin hit the $41,000 mark. With this movement, the number of stablecoins has also changed, which means that a larger movement in the crypto market could be imminent.



Data from Santiment shows that Tether (USDT) has seen the most growth in address activity in 2022.


The analytics firm announced that stablecoins are finally making a move as the number of unique addresses hit a peak on March 19, 2022 last seen in December 2020.


Santiment goes on to say that on March 17th 83,000 addresses were visible, while on March 19th the number had dropped to 74,000 addresses. She advised crypto traders to keep this in mind.

Stablecoin USD Coin (USDC) was moved from a $200 million Crypto.com wallet on March 21, suggesting larger amounts of stablecoins are on the move.


Although bitcoin is down 1.24% in the last 24 hours, it has seen a 5.54% gain in the last 7 days. It now remains to be seen whether the price can sustain above USD 41,000 which would signal some kind of stabilization.


Crypto investors are hoping that Bitcoin and other top cryptocurrencies are in a period of consolidation followed by another rally.


Renowned crypto analyst Ali Martinez believes that the number of new daily addresses being created on the BTC network is forming a bullish divergence on prices.


He explained:


“As BTC consolidates between $37.4K and $44K, the number of new daily addresses hit a higher peak at 427K addresses.”


He believes it indicates an increase in user adoption over time, which correlates with the number of bitcoin holders. Last week, the number of addresses reached an all-time high.

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