Tether 144% Growth Makes It The Highest in Capitalization This Year

Almost three months ago, Tether managed to do the unexpected, or at the list in such a small time range. The coin had almost 50% gain in just one day and managed to surpass XRP to claim the 3rd position. Since then the coin has been on a row to stay ahead of Xrp for good.

Tether has constantly been increasing its market cap since the introduction unlike the rest of the top ten coins. However, it the only stable coin in the top ten, a fact that could have greatly favored it a great deal. A day before tether surprised XRP, the coin market cap was just over 6.37. In just a few hours, same day, tether had moved from the$ 6.37B to an all-time high then of about $8.8B. This data is according to the coinmarketcap.

Today, almost three months later, the stable coin has a market cap of just over $9.1B according to CoinMarketCap and coingecko. However, tether reported having hit an eleven digit figure market cap today to join Ethereum. This is according to reports from Cointelegraph  at the moment Ethereum has a capitalization of about $25.5B

By Exactly How Much Has Tether Grown

Being a stable coin does not allow the coin to grow in price. Instead, the coin has seen a 144% growth in just half a year. At the beginning of the year, the coin’s market cap was at a$4.1B. Considering the reports from tether that the coin has hit $10B mark, the gain must be close to $6B over the last 6 months. An average of about $1B a month

As we have reported, China is to launch a state-backed cryptocurrency. This is a first in the world but definitely not the last. The digital coin, digital Yuan, is to be released by the People’s Bank of China early next year. In anticipation of its launch, there has been massive speculation of its use case. Well, now the former People’s Bank of China chairman has outlined three of its most immediate use cases.

At this rate, tether might be on a verge to surpass or at the very list challenge for ethereum’s position in a year’s time.

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Author: Simon Njenga

Crypto analyst and Author

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