At the height of the DeFi and NFT campaigns, the most chastised Stablecoin has risen to the top of the market.
Tether has a market capitalization of nearly $40 billion. In just two months, cryptocurrency has grown by $10 billion. It is currently ranked third among the top cryptocurrencies, behind only BTC and ETH.
The cryptocurrency’s market value is equivalent to that of the world’s largest exchange site, eBay. USDT has a greater market capitalization than PayPal and will soon overtake New York Bank Mellon.
Tether’s market capitalization was just $4.6 billion a year ago, which is interesting because it was 10 times lower. The cryptocurrency has been chastised several times this year for price fluctuations linked to the next stage of the problem.
However, if you study the price chart and understand the current market environment, it becomes apparent that the price of cryptocurrency was guided by demand from investors, not by additional pollution.
The daily trading volume of USDT is enormous ($86 billion). This cryptocurrency supports a wide range of currency pairs. It outperformed Bitcoin ($57 billion) in terms of trading value.
It is used in large transactions on the over-the-counter market. This business is currently booming in China, where cryptocurrency trading is illegal. As a consequence, we can infer that Asia is Tether’s largest market.