The table of supremacy is beginning to turn in the cryptocurrency market. Tether (USDT), the largest stablecoin, has come from the rear to claim 4th position. The digital token now needs about $1.8 Billion to displace the third-largest cryptocurrency by market cap, Ripple’s XRP.
The outbreak of COVID-19 has been devastating for a number of assets from cryptocurrency to conventional markets, but this is becoming favorable for stablecoins, such as Tether (USDT).
Tether (USDT) recently displaced Bitcoin Cash (BCH), with $6,398,330,117 market capitalization, while BCH that presently occupies 5th position has $4,151,779,995. This implies that USDT now leads BCH with over $2 billion in terms of market capitalization.
Tether (USDT) Needs $1.8 Billion to Outplace Ripple’s XRP
As earlier mentioned and generally known, XRP is the third-largest digital currency, with $8,220,352,011 market capitalization, but the digital token may not hold that position much longer, as Tether (USDT) closes by with a relatively $1.8 billion between the duo.
However, the digital token XRP is gathering momentum to increase the margin, considering the slight price uptrend the digital currency recorded recently.
At the time of filing this report, XRP is trading at $0.186446, with a 1.27% price uptrend in the last 24 hours.
The Increase in Popularity of Tether (USDT)
There has been an increase in the popularity of stablecoins in the cryptocurrency market, especially Tether and others that are backed by USD.
Also, its increase in popularity on several blockchains has possibly aided its growth, making it start challenging the top cryptocurrencies for the top spots in the crypto market.