Ethereum (ETH) rivals have captured a massive share of USDT stablecoin trading, according to the CEO of analytics firm CryptoQuant.
Joo Ki-young said on social media platform
“TRX has achieved strong product-market fit for stablecoin use cases.
The TRON blockchain processes 92% of USDT transactions and hosts $60 billion in USDT, but the TRX market cap is only $17 billion.
TRX-based USDT is widely used in global trade as it provides cheap and fast stablecoin transfers.”
Justin Sun founded the Tron network in September 2017, and the project’s mainnet was launched in May 2018.
CEO Joo Ki-young said Sun has built “the world’s largest stablecoin transaction remittance system.”
“I’m not paid to say this and I don’t own TRX, but I think he’s had a significant impact on the stablecoin space and did the right thing.”
Citing Bitcoin (BTC), the CryptoQuant CEO said it was “too early” to characterize the flagship digital asset as being in bubble territory.
CEO Joo Ki-young says that Bitcoin’s market capitalization has not increased significantly compared to its realized market capitalization. Bitcoin’s realized capitalization is determined by calculating the total value of all existing BTC at the last recorded on-chain movement price.
“Historically, market capitalization tends to exceed realized capitalization in bull markets, reaching peaks as individual investors jump in. In a bear market, market capitalization often falls below realized capitalization.”
Regarding Bitcoin’s price trajectory, CryptoQuant CEO says:
“Based on the currently realized limit, it could go up to $141,000. Realized limits are steadily increasing every day.”
At the time of this writing, Bitcoin is trading at $98,223.
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