CryptoQuant CEO: Ethereum Competitor Achieves Strong Market-Product Fit in Hosting
An Ethereum competitor has successfully captured a significant portion of USDT stablecoin transactions, with the CEO of CryptoQuant reporting that Tron (TRX) now hosts over $60 billion in USDT, more than three times its market cap.
According to Ki Young Ju, who shared this information on social media, TRX has shown a strong market fit for stablecoin use cases, processing 92% of USDT transactions globally. This success has led to TRX being utilized for low-cost and fast stablecoin remittances in global trade.
Tron, founded by Justin Sun in 2017 and launched in 2018, has become a core player in the stablecoin market, building what Ju describes as the largest stablecoin trade remittance system.
Shifting focus to Bitcoin, Ju believes it is premature to label the flagship cryptocurrency as being in a bubble. By comparing Bitcoin’s market capitalization to its realized capitalization, Ju notes that there is room for growth. Bitcoin’s realized capitalization is calculated based on the value of all existing BTC at the last recorded on-chain movement.
Ju suggests that Bitcoin could potentially reach $141,000 based on its current realized cap, which has been steadily increasing. At the time of writing, Bitcoin is trading at $98,223.
It’s important to note that all investments in cryptocurrencies come with risks, and individuals should conduct their due diligence before making any high-risk investments. The Daily Hodl does not provide investment advice and recommends performing proper research before engaging in any crypto transactions.
