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The popular and sometimes controversial stall of Tether (USDT) surpassed Litecoin (LTC) as the seventh largest virtual currency on the market. Cryptocurrencies have declined over the last few months due to a bearish market that began at the beginning of this year.
Litecoin is one of the most popular virtual currencies available since it was launched in 2011 by Charlie Lee. At the end of 2017, litecoin it reached its all-time high of $ 350 dollars and dropped to $ 28 a few days ago. Of course, Litecoin is not the only crypt that has been hit by the bear market. Most of the scrambles available found a similar situation.
Litecoin usually followed the price movement of Bitcoin. Bitcoin lost about 80% of its price from the beginning of the year, thus also influencing Litecoin's valuation. The creator of Litecoin, Charlie Lee, is also one of the most important figures in the world of cryptocurrencies. However, at the beginning of this year, Charlie Lee announced that he sold his Litecoin because he wanted to avoid conflicts of interest.
This also influenced Litecoin's price and Mr. Lee's credibility that he now has no interest in the game. In addition, Lee also warned investors that they should always invest in what they are able to lose and that Litecoin could fall to $ 20 dollars, which is not far from where we currently are.
To tie it has also attracted the attention of the cryptic market throughout the year. Why? Because he was involved in several disputes concerning the funds used to support each USDT and why he was accused of being used to manipulate Bitcoin prices during bear markets.
It is important to remember that every USDT is supposedly supported 1: 1 with the US dollar being held in reserve by the company To tie. But the company has changed banks and has also carefully examined the crypto community regarding its funds.
At the time of writing this article, Tether has a market capitalization of $ 1.84 billion and Litecoin $ 1.76 billion. Every litecoin it can also be bought for almost $ 30. In this way, the USDT is the seventh largest virtual currency in the market, and is approaching EOS which has a market capitalization of $ 2.03 billion.
The only way the USDT needs to improve its market capitalization is to increase the supply that the currency has since price fluctuations are very rare or only marginal.
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