Bloomberg Report Predicts Tether Will Overtake Ethereum by Market Cap
Summary
- New Bloomberg Crypto Outlook report believes that Tether will overtake Ethereum has the number 2 cryptocurrency.
- The popular stablecoin recently overtook Ripple (XRP).
A new Bloomberg crypto report notes that it is likely that Tether will overtake Ethereum as a number two cryptocurrency.
Absent an unlikely reversal in predominant crypto trends, it should be a
Bloomberg Crypto Outlook June 2020 (Page 8 )
matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin.
Tether is a stablecoin platform that offers tokens pegged to centralized currencies. The platform’s most significant token by market cap, USDT, is pegged to the US dollar with one USDT token redeemable for $1.
Stablecoins offer numerous benefits to investors, enabling them to open and close positions quickly by trading USDT enabled pairs. Tether’s USDT has seen a recent surge in popularity among the crypto community.
Tether Overtakes Ripple
The popular stablecoin overtook Ripple (XRP) last month as a top three cryptocurrency by market cap. According to CoinGecko, Tether (USDT) has a market cap of over $9.2 billion, $200 million more than Ripple (XRP).
Despite the Bloomberg Crypto Report’s prediction, Tether’s market cap still lags behind Ethereum by $17 billion, and thus it is likely it will not be overtaking Ethereum anytime soon.
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