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Tether (USDT) recently found itself among the top five cryptocurrency assets by market capitalization – despite its declining capitalization – partly due to the dramatic demise of other major currencies such as Bitcoin Cash and EOS.
This is particularly important as Tether has lost about $ 700 million in assets since September – which in USDT means actual emission units, not just by changing the tides of cryptocurrency. What really came out in this time frame – at the time it was $ 2.5 billion and today is about $ 1.8 billion. This is an incredible loss, and if Tether's network were a company, investors would run for the hills. But instead, it's more like customers are heading to the hills.
One could speculate as to why Tether is maintaining so much, rather than why he is so lost. One possible contributing factor is the high cost of Tether output directly compared to other stablecoins. Standard Paxos, USD and Gemini Dollars all have much more friendly terms of exit than Tether, which charges a minimum of several thousand dollars to convert back to US dollars.
This time, 90 days ago, Litecoin had more than doubled its current market capitalization, which stood at over 3.4 billion dollars. Today it is behind Tether $ 400 million. EOS was also about 200% of its current state, thus reaching $ 4 billion, but today it has exceeded $ 2 billion and downward pressures could go further. Token platforms are based on the demand for their associated tokens and EOS will have to see the launch of new projects or the renewed interest in the old to recover the past glory.
But there is no sadder plot than this series compared to Bitcoin Cash, which has lost around 75% of its past splendor. 90 days ago it had a market capitalization of over $ 8 billion while today it is behind Tether of over $ 100 million. It would not be fair not to notice here that it is much easier for Bitcoin Cash to add capitalization that would be for Tether. There are fewer doors to cross, so if one of the two were to recover quickly and dramatically, BCH would probably go first.
But will Tether keep its hold on the stablecoin sphere? Paxos Standard and USDC are rapidly gaining over the last 30 days, PAX more than USD, although USDC maintains an overall capitalization of around $ 22 million. Combined companies have a market capitalization of around $ 372 million.
If you add $ 210 million of TrueUSD and $ 90 million of Gemini, you're pushing $ 700 million between them. So if you add Dai, you're close to three quarters of a billion dollars.
All in all, the competition stablecoins have a way to go. But if the trends continue, with the newcomers gaining and the Tether losing, the day can not be terribly far away when Tether is the anomalous value and one of the peg coins later is the king.
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