Tether has finally overtaken XRP’s place in the list of cryptocurrencies with the highest market value. Now will he have what it takes to dethrone Ethereum?
Tether is having an entirely new fight in its battle for dominance in the crypto universe, focusing on Ethereum, which is its last goal before the main boss: Bitcoin – something that seems impossible due to its market capacity of more than $ 165 billion .
Coinmarketcap did not show the fast pace at which Tether was minting tokens. So fast that it became the second most capitalized Altcoin on the market, somewhere around $ 8,750,861,761, this contrasts with Coingecko’s reports, which reflect this rampant activity.
Currently, Tether has increased its market value by more than 108%, reaching almost $ 8,966,525,678 in capitalization. According to Coingecko, on April 1, its total market capacity increased by US $ 4.6 billion, after successive rounds of creating new tokens.
Printing machine on!
Many cryptocurrency enthusiasts are already considering Tether as the FED of the crypto universe due to the excessive creation of new tokens, something that even recognized analysts like Mati Greenspan agree with.
They are the crypto feds 🤣
– Dr. Bou Dib (@pBouDib) May 24, 2020
“$ USDT is now the third largest crypto by market cap.”
“They are the FED of cryptocurrencies 🤣”
“What will it be called when USDT exceeds ETH?”
Many toyed with the possibility that the USDT would overtake Ethereum. And, as sarcastic as it may be, some argue that this event may be close to becoming a reality.
On the other hand, Adam Back, co-founder / CEO of Blockstream, answered the question from Samson Mow, CSO of Blockstream, CEO of Pixelmatic, saying that if Tether outperforms Ethereum in the market, that would be an “incompatible incentive”.
Tether’s impressions may be supported by the increase in trading volume by the crypto market in general, as well as by the increase in adoption that they had after the Fed’s excessive fiduciary impressions as a mechanism for economic recovery and the future inflation crisis that may occur in some months.
Will Tether be able to beat Ethereum?
It is not known exactly whether Tether will overtake Ethereum, but after seeing an unexpected increase of over 100% in less than two months, overcoming ETH is a goal that is not far off.
XRP is having one of its worst (or most difficult) years, struggling to maintain its position as number 3 in the crypto ranking, a position that it apparently will not be able to recover if it continues with its worrying inflation rate.