- It’s well known that the leading cryptocurrency is the coin that drives the market.
- Or does it?
- Tether could be bringing the flagship currency out of its bear grip.
It’s well known that the leading cryptocurrency is the coin that drives the market. Every coin in the market follows this ‘rule’ as wherever bitcoin goes, that’s where they go. But there might be an exception to such a rule as the leading stablecoin, Tether could be bringing the flagship currency out of its bear grip.
The head of the digital investment company Capriole, Charles Edwards highlighted a particular correlation that was under development between both Bitcoin and Tether that showed things had taken a turn. A turn in the sense that bitcoin was following the movement of Tether over the course of 2019.
Edwards noted that the flagship currency has been actually been following the stablecoins lead since July of 2018.
Major changes in Tether's Market Cap have led Bitcoin's price over the last 1.5 years.— Charles Edwards (@caprioleio) 13 January 2020
5 January 2020 was no different.
A healthy signal.
Keep it printing 🖨️ pic.twitter.com/dfe0dBJzwh
In terms of price, the leading cryptocurrency has seen some big gains over the past few days. Currently in the green, bitcoin experienced a 2.10 per cent increase over the past 24 hours leaving it with a price of $8,829 at the time of writing.
Before we finish, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!