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Quick grip:
- Tether’s market capitalization is now $ 19 billion
- It took 9 days for its market cap to go from $ 18 billion to $ 19 billion
- At the beginning of 2020, its market capitalization was $ 4 billion and an increase of $ 1 billion took almost a month
- XRP has regained its number 3 spot but Tether could once again claim the spot
- Tether could very well overtake Ethereum in 2021
According to Coinmarketcap, the market cap of Tether’s popular stablecoin (USDT) is now $ 18.983 billion. Tether’s market capitalization has been growing steadily since the beginning of 2020. The chart below, provided by Coinmarketcap, further demonstrates this fact.
Tether’s market cap increased by $ 1B in 9 days to reach $ 19B
As can be seen from the graph, Tether’s market capitalization has increased through a series of steps over time. The time lag between these steps has narrowed as 2020 progresses. Tether and Bitfinex CTO Paolo Ardoino summarized these increases via the following two-part Twitter thread. From its latest entry, it can be seen that a $ 1 billion increase to reach $ 19 billion in market capitalization was achieved in a record 9 days.
13/08/20: 12 billion (12 days)
08/26/20: 13 billion (13 days)
4/09/20: 14 billion (8 days)
09/16/20: 15 billion (12 days)
22/10/20: 16 billion (36 days)
05/11/21: 17 billion (14 days)
11/17/20: 18 billion (13 days)
11/26/20: 19 billion (9 days)– Paolo Ardoino (@paoloardoino) November 26, 2020
XRP claims spot number 3, but Tether is lurking
A quick look at the top 5 ranking on Coinmarketcap reveals that XRP has recaptured its # 3 spot with its recent impressive rally. However, only $ 5.6 billion of market cap lies between XRP and Tether which take back the same # 3 spot. If Tether’s market cap continues to increase at its current rate, USDT will take around 50 days to outperform again. XRP.
Ethereum could lose the number 2 Spot to Tether (USDT) in 2021
Using the same $ 1 billion fee for 9 days, USDT could become a threat to Ethereum # 2 in about $ 350 days. This means that Tether (USDT) could overtake Ethereum from this position before the end of next year.
Such a scenario was predicted by the Bloomberg team in their October 2020 Cryptocurrency Market Report. According to the report, the demand for USD-like digital assets will increase Tether’s market capitalization beyond that of Ethereum.
Expect Bitcoin # 1, Tether # 2 in 2021 if the trends remain the same.
Pointing to the demand for a digital version of gold (Bitcoin) and a cryptocurrency such as the dollar, if current trends prevail, Tether’s market cap could overtake Ethereum next year.
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