Tether’s stablecoin (stablecoin) USDT outperformed Ripple’s XRP in terms of market value.
The cryptocurrency market has experienced a sharp decline the other day. Bitcoin price fell hundreds of dollars in just one hour, while the total value of the market has also declined considerably. According to CoinMarketCap data, the total value of the market fell from $ 262 billion to $ 250 billion in one day.
We know that especially after the fall on March 12, crypto investors are switching to fixedcoins in such periods. Because they can protect their money this way when the market falls. This leads to an increase in the market value of fixedcoins like USDT.
That is why we can say that the fall in the market has benefited USDT. Because, at this time, USDT surpassed XRP, which has a market value of $ 8.8 billion and a market value of $ 8.7 billion. Thus, USDT became the third largest cryptocurrency in the market.
This will not actually surprise many investors because the total market value of USDT (in different networks) has already exceeded $ 10 billion. USDT had already outstripped XRP.
The market value of USDT has risen billions of dollars in just a few weeks. A few days ago, we shared a post from our social media account and stated that Tether produced more than 2 billion USDT in just a month and a half.
Tether 1 Nisan tarihinden bu yana 2.4 milyar dolarlık USDT üretti (Tron ve Ethereum işlemleri dahil). pic.twitter.com/fhRY8X681t
— Koin Bülteni (@KoinBulteni) May 14, 2020
Glassnode also made a post recently showing how much the USDT has grown. Stating that 1850 new USDT addresses are opened per hour on the Ethereum network, Glassnode team also points out that 8 thousand 100 transactions per hour are made with USDT. When we compare this with the bottom level in January, it is seen that there is an increase of 560%.
— glassnode (@glassnode) May 21, 2020