Tether USDT jumps past Bitcoin Cash with market cap now challenging Ripple

Tether USDT saw an incredible jump in its market cap as the asset overtook Bitcoin Cash. The asset’s market cap rose by nearly two billion dollars, making it the biggest jump in the asset’s history. The asset had a market cap of 4.5 billion dollars, which leaped to around 6.4 billion dollars.

Tether USDT on the rise

Just two years ago, Tether’s market cap was around 2.5 billion dollars. Now, the asset’s market cap is over 6 billion and closing towards the third-largest cryptocurrency XRP which has a market cap of 8.4 billion dollars.

Tether revealed that its total USDT assets are over seven billion dollars, out of which, USDT worth five billion dollars is functioning on Ethereum’s blockchain. Meanwhile, Tether’s Omni blockchain hosts 1.5 billion dollars worth of USDT coins.

Another thing to note is that there 400 million dollars worth of USDT authorized but no issued. This means that these tokens have been printed, but to avoid signing too often with private keys, they are done in bulk.

Tether has an incredible utility, which is evident by its high trading volume that shows it handled over 45 billion dollars across the last 24 hours. This sum is ten billion dollars higher than Bitcoin, which handled 35 billion dollars and 28 billion dollars higher than Ethereum.

Interestingly, Ethereum has a trading volume that is almost equal to its market cap, while Bitcoin’s trading volume is only 20 percent of its market cap. Perhaps this is because of the inaccurate volumes reported by exchanges to Coinmarketcap.com.

The same is true for Tether USDT data, which is also unaudited; however, as they are on the Ethereum blockchain, their activity can be detected before they are deposited on exchanges.

Featured image by pixabay.

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