The table of supremacy in the crypto-currency market is starting to turn, with Tether (USDT), biggest stablecoin, has come from the rear to claim 4th position. The digital token now needs about $1.8 billion to displace Ripple’s XRP, the third largest crypto-currency by market cap.
COVID-19 outbreak has been devastating for a number of assets ranging from cryptocurrency to conventional markets, but this is becoming favorable for stablecoins like Tether (USDT), for example.
Tether (USDT) has recently displaced Bitcoin Cash (BCH), with market capitalization of $6,398,330,117, while BCH, which currently occupies 5th place, has $4,151,779,995. That implies that USDT now leads BCH in terms of market capitalization with more than $2 billion.
$1.8 Bln Only to Outplace Ripple’s XRP
As mentioned earlier and generally known, XRP is the third largest digital currency with market capitalization of $8,220,352,011, but the digital token may not hold that position much longer, as Tether (USDT) closes by with a relative $1.8bn between the duo.
The digital token XRP, however, is gathering momentum to increase the margin, considering the slight price uptrend recently recorded in the digital currency.
XRP is trading at $0.1881 at the time of filing this report, with a price uptrend of 1.64 percent in the last 24 hours.
In the crypto-currency market, there has been an increase in the popularity of stablecoins, especially Tether and others who are backed by USD.
Tether (USDT) began to experience a boost in popularity, particularly when the top digital currencies, including Bitcoin (BTC), became unstable on the market.
Also, its growing popularity on several blockchains may have helped its growth, making it begin to challenge the top cryptocurrencies for top spots on the crypto market.
Cryptolydian reported earlier that, data made available by Glassnode showed that an on-chain alert account, a crypto whale transferred the sum of $7,696,350 worth of ETH 45,000 from the South Korean cryptocurrency exchange, Bithumb.
Since the transaction was made from an anonymous wallet, the name of the holder and the destination of the huge transfer are not known.