Tether has reached a total of $19B in market cap. There are over $19B that have been exchanged for Tether so far to keep it short.
It has been a rough day for the crypto industry, with the community still reeling from a significant Bitcoin price crash that happened overnight, dropping Bitcoin by $3,000. However, as Bitcoin and other cryptocurrencies decline, Tether is making gains.
Tether’s official website displayed that there are now $19.1B Tethers circulating. Each of these is tangled to the dollar, and each represents $1.
CoinMarketCap shows that Tether’s market cap has been booming in the past months, and notwithstanding adverse market fluctuations elsewhere in the crypto industry, Tether’s market cap has stayed on course.
Since August 31 this year, Tether’s market cap had increased by about 90% from $10B to current ATHs of approximately $19B. This month, its market cap increased from $26.5B, meaning it rose by 15% in November.
Tether’s swelling market cap guarantees that the dollar-pegged stablecoin will continue leading the stablecoin industry without a real competitor.
CoinGecko states that Tether’s market cap is nearly $17B higher than USD Coin, run by Centre and backed by Circle and Coinbase.
One theory about Tether’s surging market cap has been that the stablecoin benefits from Bitcoin’s growing price.
Now that Bitcoin’s price is increasing, more people are now enticed to crypto, and with Tether acting as a ramp into the industry, the stablecoin had stood to benefit from Bitcoin’s growth in the previous months.
Nevertheless, Tether’s recent market cap hadn’t declined despite Bitcoin losing a total of $3,000 to its value overnight. Another foundation for Tether’s growth is that Tether had benefitted from the DeFi boom that occurred this summer.
In some way, Tether’s market cap is set to keep on growing.
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