- Tether has overtaken XRP in terms of market capitalization
- The total market cap of digital assets has evolved once more
- Both Bitcoin and Ethereum have retained their positions
Cryptocurrency News Today – Aside from reports relating to the CoinMarketCap controversy over the last few hours, the fresh big news about digital assets over the weekend is how the Tether stablecoin overtook XRP. Tether’s USDT has overtaken XRP by market capitalization.
The Overall Valuation of Individual Assets Keeps Evolving
It is essential to note that the total valuation of all individual projects that are tied to the crypto space has always been evolving. Despite this evolution, much hasn’t changed among the top two. At least Bitcoin is still the undisputed number one coin based on the market cap by a large margin.
Meanwhile, Ethereum is firmly seated in the second position. Then further down the overall rankings, things have certainly started to become interesting. Even though the valuation of XRP has kept the coin in the number three position for a long time now, the latest development with Tether means this no longer the case. Currently, Tether’s USDT stablecoin currency has shot up by a mile in terms of market cap. It is now ahead of XRP and is trailing Ethereum.
At press time, the gap between XRP and Tether based on valuation is a mere $110 million. This means that it is still possible that their respective positions will change back and forth in the coming days. We can only wait to see what happens.
The New Development Highlights How Dominant Tether Has Been
The change in the digital currency rankings on CoinMarketCap has highlighted how dominant the USD backed Tether stablecoin has been in recent weeks. No other stablecoin has come close to USDT in terms of volume. Non comes close when it comes to adoption and overall market cap as well.
Now, Tether is the third-largest digital asset by market cap after pushing Ripple’s XRP. The first real competitor (stablecoin) for Tether at press time is the USD Coin, which has a total market capitalization of $453 million. $453 million is a far cry from Tether’s overall market cap of $8.89bn. The question many are asking now is how long will Tethers total market cap remain this high? Whether it will stay on top for an extended period remains to be seen. Investors can only enjoy the boom while it lasts as there cannot be an unlimited volume of USDT in circulation.