This is what happened in crypto today.
Today in crypto, Tether has an addiitonal $3 billion USDt, non-volatile tokens (NFTs) are on track to close November at a strong pace, and TYMIO founder Georgi Verbitsky predicts a value of 180,000 Bitcoin by the end of 2025.
Tether Adds $3B USDt Amid Historic Bitcoin Rally
On November 23, Tether raised an additional $3 billion in USDt stablecoins, as investors surged into crypto markets amid a historic bitcoin price rally.
Onchain data shows that the stablecoin company has spent $2 billion on the Ethereum network and an additional $1 billion on the Tron network in consecutive transactions.
Source: Arkham Intelligence
Investors and traders use the stable coin volume and newly minted stable coin volume as proxies for market sentiment and trading volume.
High volumes of newly minted stablecoins are seen as a sign of high investor interest, and low volumes may indicate low investor interest in current market conditions.
NFTs record $158 million in weekly sales, led by Ethereum, Bitcoin.
Non-volatile tokens (NFTs) maintained a relatively strong weekly sell-off, albeit slightly down from last week's gains.
In the year On November 24, NFT data tracker CryptoSlam reported a strong week for digital collectors, recording $158 million in sales over the past seven days. The data showed a 12.7% decrease compared to the week before, when digital collections posted $181 million in weekly sales.
Despite the slowdown, the weekly volume is still higher than that recorded in early November. From November 4-10, NFTs had a weekly sales volume of only $93 million, which represents a 69% increase from the beginning of the month.
Leading networks by sales volume in the last week. Source: CryptoSlam
Ethereum maintained its lead for weekly NFT trading volume. The network posted sales of $49 million, a 25.9% decrease from last week. Bitcoin came in second, with $43 million in sales, down 29 percent.
The Solana network maintained its position as the third largest digital collector in terms of sales volume. The network posted $23.9 million in weekly sales, down 9 percent from the previous week. Meanwhile, Polygon, Mythos Chain, Immovable and BNB Chain collectively recorded $35.8 million in sales for the week.
Solana led all blocks in the number of NFT buyers. According to CryptoSlam data, Solana had over 185,000 NFT buyers for the week, a 57.99% increase from last week's 117,000.
The average transaction price across all networks fell slightly, from $133.08 to $126.17.
The founder of TYMIO predicts 180,000 Bitcoin in 2025
Georgi Verbitskii, founder of the TYMIO decentralized finance platform, predicts a value of $180,000 for Bitcoin by the end of 2025.
In a statement to Cointelegraph, Verbitsky said he expects bitcoin to reach at least $100,000 by the end of 2024 and $120,000 by the beginning of January 2024 — before the incoming Trump administration is ushered into the White House on January 25.
Bitcoin exchange reserve measure. Source: CryptoQuant
Verbitskii also told Cointelegraph that supply-side issues will keep Bitcoin volatility high throughout the cycle and prices will continue to rise due to supply shocks.
CryptoQuant's Bitcoin exchange reserve metric – a measure of the amount of Bitcoin available on exchanges – continues to decline and remains at multi-year lows.
