An Ethereum (ETH) competitor has captured a massive share of USDT stablecoin transactions, according to the chief executive of analytics firm CryptoQuant.
Ki Young Ju says on social media platform
“TRX has achieved strong product-market fit in stablecoin use cases.
The TRON blockchain processes 92% of USDT transactions and hosts $60 billion in USDT, while the market cap of TRX is only $17 billion.
TRX-based USDT is widely used in global trade by providing stable and fast remittances at low costs.
Justin Sun founded the Tron network in September 2017 and the project’s mainnet was launched in May 2018.
Ki Young Ju says Sun has built “the world’s largest stable commercial money transfer system.”
“I’m not paid to say this, and I don’t own TRX, but I think it made a significant impact in the stablecoin space and did something good.”
When it comes to Bitcoin (BTC), CryptoQuant CEO says it’s “too early” to characterize the flagship digital asset as being in bubble territory.
Ki Young Ju claims that the market capitalization of Bitcoin has not increased significantly compared to its realized capitalization. The realized capitalization of Bitcoin is determined by calculating the total value of all existing BTC at the price of the last recorded movement on the chain.
“Historically, market capitalization tends to exceed realized capitalization in bull markets, reaching its peak when retail investors step in. In bear markets, market capitalization often falls below realized capitalization.”
Regarding the likely trajectory of Bitcoin prices, CryptoQuant CEO says:
“Based on the current realized cap, it could reach $141,000. The achieved ceiling increases regularly every day.
Bitcoin is trading at $98,223 at the time of writing.
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