Advertisement
AD

Main navigation

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

Advertisement
Tue, 9/06/2020 - 12:40
A
A
A
 Tether (USDT) Market Cap Heading for $10 Bln: Skew Analytics Data
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Advertisement

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.

Article image
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.

Advertisement
Article image
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

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.

Article image
Image via @glassnodealerts

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD