January 21, 2022

Tether’s Market Capitalization Exceeded $ 40 Billion – Why Is It So Popular?

Tether’s market capitalization increased 10-fold in the past year, reflecting remarkable growth in the cryptocurrency market.

Tether (USDT), the world’s most liquid stablecoin, exceeded $ 40 billion in market capitalization on Wednesday, highlighting the rapid growth of cryptocurrency investment over the past year.

At its all-time high on Wednesday, the market capitalization of Tether reached $ 40.1 billion, according to CoinGecko, making it the fourth-largest digital asset behind Bitcoin, Ethereum Y Binance Coin.

In terms of stablecoin ranking, Tether is four times larger than USD Coin, which has a market capitalization of around $ 10 billion. USDT dominance is currently around 67%, according to Messari.

Its growth

But in addition, Tether’s market capitalization has multiplied by 10 in the last 12 months, reflecting a remarkable growth in the cryptocurrency market. Total cryptocurrency market capitalization surpassed $ 1 trillion in January for the first time before hitting $ 1.8 trillion earlier this month.s.

USDT is considered a leading stablecoin because its offering reflects the demand of the cryptocurrency market. USDT is the listing currency for cryptocurrencies on several major exchanges, including Bitfinex, which has one of the most liquid bitcoin markets in the world.

Still, the stablecoin has been subject to intense scrutiny in the past over allegations that it is only loosely tied to the US dollar. His ties to Bitfinex, a major cryptocurrency exchange, have also caused the token USDT come under intense scrutiny.

By last, Much of the fear, uncertainty, and doubt dissipated early last month after Bitfinex and Tether settled with the New York Attorney General’s Office in a case against Tether.. The companies were ordered to pay $ 18.5 million as part of a settlement and pledged to report their reserves every quarter for the next two years.

Source: CoinTelegraph

The Bitcoin price it continues to drop several points and moves further and further away from the $ 60,000 mark. Today dawned barely on the rise and started the day at a value of u$s53.528,66 both for purchase and for sale. In the last 24 hours, the price variation of the digital currency was 1.17%.

Currently, the market capitalization of Bitcoin is u $ s998,501,606,239 and 18,664,812 circulate BTC.

The variation in the price of Bitcoin in the last three months. Source: coinmarketcap.com

On the platform for buying and selling cryptocurrencies Gravel, BTC today reaches the value of $ 8,328,060.84 in pesos for the purchase and 7,442,733.53 for the sale, with a variation of 3.84%. It should be noted that this new value is tied to that of the parallel dollar in Argentina.

The variation in the price of Bitcoin in pesos in the last year. Source: Ripio.

The price of the others cryptocurrencies:

  • Chainlink: u$s25,82 (2,05%)
  • Binance Coin: u$s247,95 (0,92%)
  • Litecoin: u$s177,24 (0,49%)
  • Polkadot: u$s31,22 (1,69%)

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Tether’s Market Capitalization Exceeded $ 40 Billion – Why Is It So Popular?