One week after its first attempt, bitcoin (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) is once again approaching the $100,000 milestone on Friday as crypto prices surged higher alongside the return of U.S. traders following Thanksgiving.

The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market <a href="https://indices.coindesk.com/indices/cd20" target="_blank">CoinDesk 20 Index</a> surged 6.2% during the same period, indicating that altcoins led the advance. XRP, ADA, RENDER and HBAR booked double-digit gains during the day.

Traditional U.S. markets are having a shortened session today after being closed on Thursday's holiday. U.S.-listed bitcoin miners — which don't always rise just because the price of bitcoin gains —, are moving higher, led by Bitdeer's (BTDR) 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings (MARA), Riot Platforms (RIOT), were all up 5%-10% in the first hours of the session. Crypto equities Coinbase (COIN), MicroStrategy (MSTR) and Semler Scientific (SMLR) lagged behind the miners.

Bitcoin futures on the <a href="https://www.tradingview.com/symbols/CME-BTC1!/" target="_blank">Chicago Mercantile Exchange</a> (CME) briefly surpassed the $100,000 level during the day before slightly retreating, per TradingView data. That's the second occasion after first hitting the milestone last Friday.

The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels.

The Coinbase Price Premium, which measures BTC spot price on Coinbase relative to the off-shore exchange Binance, also bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week. The Coinbase Premium underscores that the rally is primarily driven by American market participants.

"Judging by order size, Coinbase whales are driving this bitcoin rally," Ki Young Ju, CEO of CryptoQuant, said in an <a href="https://x.com/ki_young_ju/status/1862452335202771444" target="_blank">X post</a>.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

One week after its first attempt, bitcoin (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) is once again approaching the $100,000 milestone on Friday as crypto prices surged higher alongside the return of U.S. traders following Thanksgiving.

The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market <a href="https://indices.coindesk.com/indices/cd20" target="_blank">CoinDesk 20 Index</a> surged 6.2% during the same period, indicating that altcoins led the advance. XRP, ADA, RENDER and HBAR booked double-digit gains during the day.

Traditional U.S. markets are having a shortened session today after being closed on Thursday's holiday. U.S.-listed bitcoin miners — which don't always rise just because the price of bitcoin gains —, are moving higher, led by Bitdeer's (BTDR) 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings (MARA), Riot Platforms (RIOT), were all up 5%-10% in the first hours of the session. Crypto equities Coinbase (COIN), MicroStrategy (MSTR) and Semler Scientific (SMLR) lagged behind the miners.

Bitcoin futures on the <a href="https://www.tradingview.com/symbols/CME-BTC1!/" target="_blank">Chicago Mercantile Exchange</a> (CME) briefly surpassed the $100,000 level during the day before slightly retreating, per TradingView data. That's the second occasion after first hitting the milestone last Friday.

The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels.

The Coinbase Price Premium, which measures BTC spot price on Coinbase relative to the off-shore exchange Binance, also bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week. The Coinbase Premium underscores that the rally is primarily driven by American market participants.

"Judging by order size, Coinbase whales are driving this bitcoin rally," Ki Young Ju, CEO of CryptoQuant, said in an <a href="https://x.com/ki_young_ju/status/1862452335202771444" target="_blank">X post</a>.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

One week after its first attempt, bitcoin (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) is once again approaching the $100,000 milestone on Friday as crypto prices surged higher alongside the return of U.S. traders following Thanksgiving.

The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market <a href="https://indices.coindesk.com/indices/cd20" target="_blank">CoinDesk 20 Index</a> surged 6.2% during the same period, indicating that altcoins led the advance. XRP, ADA, RENDER and HBAR booked double-digit gains during the day.

Traditional U.S. markets are having a shortened session today after being closed on Thursday's holiday. U.S.-listed bitcoin miners — which don't always rise just because the price of bitcoin gains —, are moving higher, led by Bitdeer's (BTDR) 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings (MARA), Riot Platforms (RIOT), were all up 5%-10% in the first hours of the session. Crypto equities Coinbase (COIN), MicroStrategy (MSTR) and Semler Scientific (SMLR) lagged behind the miners.

Bitcoin futures on the <a href="https://www.tradingview.com/symbols/CME-BTC1!/" target="_blank">Chicago Mercantile Exchange</a> (CME) briefly surpassed the $100,000 level during the day before slightly retreating, per TradingView data. That's the second occasion after first hitting the milestone last Friday.

The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels.

The Coinbase Price Premium, which measures BTC spot price on Coinbase relative to the off-shore exchange Binance, also bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week. The Coinbase Premium underscores that the rally is primarily driven by American market participants.

"Judging by order size, Coinbase whales are driving this bitcoin rally," Ki Young Ju, CEO of CryptoQuant, said in an <a href="https://x.com/ki_young_ju/status/1862452335202771444" target="_blank">X post</a>.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

One week after its first attempt, bitcoin (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) is once again approaching the $100,000 milestone on Friday as crypto prices surged higher alongside the return of U.S. traders following Thanksgiving.

The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market <a href="https://indices.coindesk.com/indices/cd20" target="_blank">CoinDesk 20 Index</a> surged 6.2% during the same period, indicating that altcoins led the advance. XRP, ADA, RENDER and HBAR booked double-digit gains during the day.

Traditional U.S. markets are having a shortened session today after being closed on Thursday's holiday. U.S.-listed bitcoin miners — which don't always rise just because the price of bitcoin gains —, are moving higher, led by Bitdeer's (BTDR) 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings (MARA), Riot Platforms (RIOT), were all up 5%-10% in the first hours of the session. Crypto equities Coinbase (COIN), MicroStrategy (MSTR) and Semler Scientific (SMLR) lagged behind the miners.

Bitcoin futures on the <a href="https://www.tradingview.com/symbols/CME-BTC1!/" target="_blank">Chicago Mercantile Exchange</a> (CME) briefly surpassed the $100,000 level during the day before slightly retreating, per TradingView data. That's the second occasion after first hitting the milestone last Friday.

The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels.

The Coinbase Price Premium, which measures BTC spot price on Coinbase relative to the off-shore exchange Binance, also bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week. The Coinbase Premium underscores that the rally is primarily driven by American market participants.

"Judging by order size, Coinbase whales are driving this bitcoin rally," Ki Young Ju, CEO of CryptoQuant, said in an <a href="https://x.com/ki_young_ju/status/1862452335202771444" target="_blank">X post</a>.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.

According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.

CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.

The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000. The metric is nowhere near the overheated levels seen at local tops at this March or other local tops.

Meanwhile, participation of retail investors is still muted, contrary to the typical buying frenzy observed around previous cycle tops. Per CryptoQuant data, retail sold 41,000 bitcoin since October lowering their holdings likely to take profits. Large investors, meanwhile, increased holdings by 130,000 BTC during the same period.

New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin (Realized Cap). That's far below the 80%-90% levels in 2017 and 2021.

"Price tops typically occur when new investors enter the market to buy at extremely high prices, which causes them to hold a large proportion of the total value invested," the authors said. "Previous bull cycles have ended when retail investors buy aggressively, which is not the case today."

Bitcoin's peak target

Over the past week, BTC's violent run-up after Donald Trump's U.S. election victory was halted at the $100,000 barrier, sliding back as much as 9% from its latest record. On Thursday, CoinDesk data shows, it changed hands at around $95,000.

Despite the setback, surpassing the $100,000 barrier is only a matter of time, CryptoQuant analysts said.

Previous bitcoin bull markets topped around the upper band of bitcoin's realized price metric, set at four times the average price at which all BTC in circulation has been transferred for the last time. Data shows that the realized price is currently at $36,000-$37,000 and quickly rising, marking the upper band at $147,000.

If the pattern repeats, BTC could rally to at least $147,000 before reaching a market cycle top, per CryptoQuant.

CryptoQuant isn't the only firm that is bullish on bitcoin's rally. Recently, Galaxy Research said the price is expected to reach $100,000 in the near term and may run up higher, citing increasing institutional adoption and the potential for the creation of bitcoin nation-state reserves.

Read more: <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bull-market-is-far-from-over-galaxy-research-says" target="_blank">Bitcoin Bull Market Is Far From Over, Galaxy Research Says</a>

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank">press release</a> on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as <a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/" target="_blank">MiCA</a>, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a <a href="https://cointelegraph.com/news/mica-regulation-systemic-risk-banking-system-tether-ceo" target="_blank">vocal critic</a> of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, <a href="https://www.businesswire.com/news/home/20240701820713/en/" target="_blank">said</a> it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently <a href="https://www.coindesk.com/business/2024/11/18/kraken-tether-backed-dutch-firm-rolls-out-mica-compliant-euro-us-dollar-stablecoins" target="_blank">invested</a> in Netherlands-based stablecoin issuer Quantoz and also <a href="https://www.coindesk.com/business/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states" target="_blank">launched</a> a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following <a href="https://www.coindesk.com/markets/2024/11/22/bitcoin-nears-100k-with-crypto-market-cap-at-record-34t/" target="_blank">bitcoin</a> (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) and <a href="https://www.coindesk.com/markets/2024/11/22/solanas-sol-surges-to-record-high-above-260" target="_blank">solana</a> (<a href="https://www.coindesk.com/price/solana" target="_blank">SOL</a>) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's <a href="https://ccdata.io/reports/stablecoins-cbdcs-report-november-2024" target="_blank">report</a> by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the <a href="https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/" target="_blank">Terra-Luna stablecoin</a> that added fuel to the digital asset bear market now referred to as crypto winter.

<a href="https://www.coindesk.com/markets/2024/11/12/stablecoin-supply-expands-by-5b-since-us-election-as-investors-pile-into-crypto" target="_blank">Demand for stablecoins</a> soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: <a href="https://www.coindesk.com/business/2024/09/12/stablecoins-increasingly-used-for-savings-payments-in-emerging-countries-but-crypto-trading-still-leads-report" target="_blank">Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads</a>

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's <a href="https://www.coindesk.com/price/tether" target="_blank">USDT</a> continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's <a href="https://www.coindesk.com/price/usd-coin" target="_blank">USDC</a>, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that <a href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses" target="_blank">heavily impacted</a> the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena <a href="https://app.ethena.fi/" target="_blank">now</a> offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, <a href="https://www.coindesk.com/markets/2024/11/19/ethena-sees-1b-inflows-as-crypto-rally-brings-back-double-digit-yields" target="_blank">benefitting the protocol</a>.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's <a href="https://www.coindesk.com/markets/2023/06/01/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in" target="_blank">FDUSD</a> 9% and USDC's 8% share.

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

"After careful consideration, we have made the decision to discontinue support for EUR₮," the firm said in a press release on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as MiCA, enter into full force by the end of this year. MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a vocal critic of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, said it fulfilled the requirements to operate in the region.

EURT didn't attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle's EURC $90 million and Stasis Euro's $130 million. In comparison, Tether's flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently invested in Netherlands-based stablecoin issuer Quantoz and also launched a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

"At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether," the firm said in a statement.

Following bitcoin (BTC) and solana (SOL) reaching all-time high prices earlier this month, the stablecoin sector has now joined crypto's record-breaking streak.

The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday's report by digital asset analytics firm CCData noted. CCData is owned by Bullish, CoinDesk's parent company. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the Terra-Luna stablecoin that added fuel to the digital asset bear market now referred to as crypto winter.

Demand for stablecoins soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump's election victory. Stablecoins are a key piece of plumbing in the crypto ecosystem. With their prices anchored to an external asset, predominantly the U.S. dollar, they are a popular source of liquidity for crypto trading, serving as dry powder on exchanges.

Read more: Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads

This year also brought an explosion of novel tokenized products with prices also pegged to $1, including tokenized money market funds like BlackRock's BUIDL and investment strategies wrapped into a token like Ethena's "synthetic dollar" USDe, which is backed by a crypto carry trade. The CCData report included these platforms in the tally.

Tether's USDT continues to dominate the stablecoin sector. The token's market cap rose 10% over the past month to a new peak of $132 billion, CCData noted. Meanwhile, Circle's USDC, grew 12% to a nearly $39 billion market cap, the highest since the March 2023 regional banking crisis that heavily impacted the token. USDT claims a 69.9% market share currently, while USDC is second-largest with a 20.5% share.

It was not just the top two that saw rapid growth: 38 of the nearly 200 tokens tracked made a new all-time high supply over the past month, CCData said.

Ethena's USDe, for example, saw a 42% increase to a new record of $3.8 billion in November. The token generates yield to investors by holding spot BTC and ETH and simultaneously shorting (selling) an equal amount of perpetual futures farming the funding rate. Ethena now offers 25% annualized yield (APY) to token holders, as frothy crypto markets elevated funding rates, benefitting the protocol.

The broad-market crypto rally also boosted trading volumes with stablecoin pairs on centralized exchanges, rising 77% month-over-month to $1.8 trillion, the report said. USDT was responsible for about 83% of the volumes, followed by Hong Kong-based First Digital's FDUSD 9% and USDC's 8% share.