Tether retakes the third position in crypto market cap over Ripple, but can it keep the spot? We are about to find out in the Tether coin news today.
Tether has become the third-biggest cryptocurrency by market cap today by pushing Ripple’s XRP down to the fourth position according to crypto analytics platform Messari and Coin Metrics. If you multiple the number of coins in one cryptocurrency by the price, you will get its market capitalization. This is a way of comparing assets that have wildly different supplies and since Tether is a stablecoin, the price doesn’t really move as it is designed to be equal to one US dollar so the only way to increase the market cap is to mint new tokens.
The total Stablecoin Market Cap now stands at $15.2B of USD liquidity injected into the market 👀 pic.twitter.com/HpkCsLZdRd
— Lucas Nuzzi (@LucasNuzzi) August 19, 2020
Tether retakes the third position from ripple as its market cap hit $12 billion recently after increased by $1 billion in a week. Today it has already reached $13.14 billion as Coin Metric Analyst Lucas Nuzzi tweeted. This is not the first time that Tether replaces Ripple as the third-biggest crypto. During the market meltdown back in March, USDT overtook XRP after surpassing $5 billion in market cap. The growth for USDT still came despite the parent company dealing with a few lawsuits.
Right now, Tether and is sister company Bitfinex, are in the middle of a fraud investigation by the New York Attorney General’s office over allegations that they conspired to hide an $850 million dollar void in BitFinex’s finances. The class-action lawsuit accused Tether of damages of $1.4 million for printing billions of dollars worth of crypto and also manipulating the BTC price in 2017.
Following the tether coin news today, we also reported that OMG Network has just launched Tether transfers integration providing an alternative option for swapping the leading stablecoin on the market. Shifting Tether transactions to the OMG network will reduce ETH congestion by about 15%. Tether users will be able to deposit and withdraw directly from the Bitfinex exchange and this could relieve the Ethereum gas fees that recently hit an all-time high.
According to the new analysis from the blockchain intelligence company Glassnode, the source of the skyrocketing fees resulting in more than $7 million being paid in gas each day is Tether. The examination identified that Tether is to blame as the single largest source of ETH gas spending along with the huge spending increases in the DeFi applications such as Uniswap and the arbitrage bots are trying to keep the market at an equilibrium level.
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