Tether, the stablecoin pegged with the US Dollar, saw a massive transfer today when 199.99 million USDT worth approximately 201 million were transferred from crypto exchange, Bitfinex to Huobi.
According to the latest data posted by Whale Alert, the crypto analytics and blockchain tracker, the Tether transaction was executed on the Ethereum blockchain on 5 February at 12:20 UTC. A similar transaction was reported earlier today that involved the transfer of 200 million USDT from Bitfinex to the Tether Treasury.
Tether has gained significant value since the start of 2021, the world’s largest stablecoin now has a market cap of $27.8 billion, a jump of nearly 7 billion since the start of this year. Tether’s market cap is now up more than 500% since January 2020. USDT is the third-largest crypto asset in the world behind Ethereum and Bitcoin.
Anonymous crypto transactions have increased in the last few months amid a jump in the prices of digital assets. Crypto holders and investors around the world use USDT to buy other cryptocurrencies and the recent jump in altcoins played a major role in Tether’s significant market cap rise.
Bitcoin and Ethereum Transactions
Apart from the latest Tether transfer, Whale Alert reported about 2 other anonymous transactions involving Bitcoin and Ethereum. The blockchain tracker notified about an unidentified transaction involving the movement of 14,874 Bitcoin with a total worth of $557 million to an unknown wallet. An anonymous crypto whale moved 70,000 ETH worth $114 million to an unknown wallet today. The recent surge in the overall market cap of cryptocurrencies played a major role in anonymous movements as volatility increased. The crypto market now has a total value of $1.16 trillion, an all-time high.
Bitcoin is currently trading near $38,000 after posting record gains this week. Bitcoin’s dominance dipped below 61% for the first time since December 2020. Ethereum reached its highest level earlier this week. The world’s second-largest crypto asset is trading above $1,650 after a nearly 20% jump in the last week.