An Ethereum (ETH) competitor has captured a huge share of USDT stablecoin transactions, according to the CEO of analytics firm CryptoQuant.
Ki Young Ju says on social media platform
“TRX has achieved a strong product-market fit in stablecoin use cases.
TRON blockchain processes 92% of USDT transactions and hosts $60 billion worth of USDT, while the TRX market cap is only $17 billion.
TRX-based USDT is widely used in global trade by offering cheap, fast stablecoin transfers.
Justin Sun set up the Tron network in September 2017 and the project’s main network was launched in May 2018.
Ki Young Ju says Sun did that built “the largest global stablecoin trade transfer system.”
“I’m not paid to say this, nor do I own TRX, but I think he has made a significant impact in the stablecoin space and done something right.”
As for Bitcoin (BTC), the CEO of CryptoQuant say it is “too early” to characterize the flagship digital asset as a bubble area.
Ki Young Ju say that Bitcoin’s market capitalization has not increased significantly compared to the realized capitalization. Bitcoin’s realized capitalization is determined by calculating the total value of all existing BTC at the price of the last recorded move on the chain.
“Historically, market capitalization has tended to exceed the realized limit in bull markets, reaching its peak when retail investors enter. In bear markets, market capitalization often falls below the realized limit.”
On Bitcoin’s Likely Price Trajectory, Says CryptoQuant CEO say,
“Based on the current realized cap, this could increase to $141,000. The achieved ceiling is steadily increasing every day.”
Bitcoin is trading at $98,223 at the time of writing.
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