In summary:
- The market cap of Tether (USDT) has continued to grow in the past few weeks.
- XRP risks losing the number 3 spot to USDT on Coinmarketcap.
Seasoned crypto traders have a daily ritual of checking Coinmarketcap to get a summary of the daily market movement of their favorite digital assets. Those who have been monitoring the top three assets of Bitcoin (BTC), Ethereum (ETH) and XRP have realized that Tether (USDT) has slowly been increasing its market capitalization in the past few weeks. The latter digital asset is now $123 Million in market cap away from taking the number 3 spot from XRP.
The screenshot below gives a better visual cue of the situation at the top of the rankings on Coinmarketcap.
Tether (USDT) Continues on its Path of Stablecoin Dominance
Late last week, we highlighted that the amount of Tether being issued on the Tron network has continued to rise. The Tron network is now ranked second, after Ethereum, in the issuance of USDT. Additionally, we noted that the parent company of Tether had $8.591 Billion in total assets. Checking once again at the current balances of Tether, we observe that this value now stands at $8,924,973,068. This is an increment of approximately 3.8% in less than a week.
Further analyzing the balance sheet, we realize that majority of the increment in the market cap of USDT is a result of more of the asset being issued on the Tron network. In our last analysis, there was a total of $1.6 Billion in USDT on the Tron network. That value now stands at $1.983 Billion.
What Next for XRP?
Further checking the charts, we observe that XRP has regained the $0.20 support level brought about by a generally bullish crypto environment. If XRP can continue in an upward trajectory, it might be able to fend off Tether’s push to claim the number three spot. However, is more USDT is issued in the coming days and XRP fails to rally in the markets, the number 3 spot will be lost to Tether.
(Image courtesy of Unsplash.)