Tether (USDT) Market Cap Heading for $10 Bln: Skew Analytics Data

News
Tue, 06/09/2020 - 12:40
Yuri Molchan
Skew analytics company has shared data on Tether, saying that the third most popular currency’s market cap figure is targeting the $10 bln level
Cover image via stock.adobe.com
Contents

According to data shared by the Skew analytics provider, Tether, which replaced Ripple’s XRP in spot 3 earlier this year, as per figures from CoinMarketCap, is growing to hit the $10 bln level.

Image via @skewdotcom

Tether’s market cap keeps going up

At the moment, according to data from CoinMarketCap, the USDT market cap amounts to $9,198,367,895. XRP is holding behind Tether with its $8,930,224,784 market capitalization.

The Skew chart shows that Tether’s market cap has grown significantly since late December 2017, when Bitcoin hit its all-time high of $20,000. Back then, the USDT market capitalization was under $2.5 bln.

Now, as BTC is striving to appreciate to above $10,000, Tether is approaching $10 bln. Just for comparison, Ethereum’s market cap is $27,001,114,252.

Image via CoinMarketCap

Since the market cap of a crypto asset is calculated by multiplying the amount of the coin’s circulating supply by its price, the market cap of Tether is constantly growing as the company produces new USDT from time to time.

Related
Almost 890 Mln XRP Moved by Ripple to Anonymous Wallet That May Be Another Escrow

Tether Treasury moves 40 mln USDT, mean transaction volume up 154%

Earlier today, Whale Alert reported that the Tether Treasury made two consecutive wires, transferring forty million USDT to an unregistered wallet.

Meanwhile, the USDT mean transaction volume has skyrocketed over the past twenty-four hours and is currently 145 percent up (238.084 USDT) from its previous high.

This could be interpreted as cryptocurrency whales wiring USDT to accumulate BTC, since USDT is the most popular altcoin for this.

Image via @glassnodealerts

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


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