Published On: Mon, Jun 11th, 2018

Tether Overtakes Monero and Dash as Investors Wait for Bull Market

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U.S. dollar backed stablecoin Tether (USDT) has overtaken privacy coins Monero and Dash to reach the 12th highest cryptocurrency by market cap following a recent drop in prices. As crypto investors store more of their value in Tether, the amount of money waiting for a bull run to enter the market is on the rise.
Tether Shows Market Potential
Over the past two weeks, Monero and Dash have succumbed to the downward pressures of the current bear market and dropped below Tether, which has a market cap of $2.5 billion. This highlights how many people who own cryptocurrencies have moved into the altcoin during the past six months, and the amount of money that’s ready to move back into the market when conditions are favourable.
While Tether’s market cap is only a fraction of the crypto total market valuation, it may account for up to 25% of the industry. Developer Sam Aiken points out that Tether’s market cap directly relates to the number of dollars held by owners while the market total of a cryptocurrency is much greater than the amount of money put into it.
An analysis by JPMorgan held that only $6 billion had …

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