The market cap of USDT keeps rising. But this doesn't guarantee a rebound in the crypto market. A decline is still possible.

On April 26, Tether's CEO, Paolo Ardoino, announced on X that USDT's market cap reached $147 billion, setting a new record. 

As of this writing, USDT's market cap stands at $147.21 billion. It ranks 120th globally, surpassing companies like S&P Global Inc, Caterpillar Inc, and Tata Motors Ltd.

Assets ranked 120-130 in global market capitalization, source: 8marketcap.

Despite USDT's growth, the total crypto market cap remains stagnant. It's even showing signs of decline. This suggests that funds are slowly exiting the market, making it hard for a rebound to last. If outflows continue, it could trigger a crash in the crypto market. 

Total market cap changes in the crypto market over the last 30 days, source: CoinMarketCap.