As per the latest circumstances, Tether (USDT) has entered into the top five cryptocurrency assets as compared to the other cryptocurrencies such as Bitcoin Cash, EOS showing a declining trend.
It is noteworthy that as Tether has shacked around $700 million in assets from September, which as per USDT it relates to the actual units of issuance and not by just altering crypto tides. Hence, this scenario leads to an exit of such cryptocurrency from the market. Tether is experiencing an incredible loss as the value has just dropped from $2.5 billion to today’s value of $1.8 billion which is quite a significant amount of drop. Thankfully, Tether’s is not a company otherwise investors would be running for the hills. But the situation is just the opposite.
As per the above-given table, we can conclude that Tether value has retained more than its lost value, most probably because of the high exiting cost which is directly opposite other stablecoins such as Paxos Standard, USD Coin, and Gemini Dollar which contain friendly exit terms. Tether charges are indeed very high; the cost of converting back to US dollar is counted in various thousands of dollars.
Litecoin value has just got doubled from the past 90 days and achieved the target in excess of $3.4 billion as per the current market scenario. Tether is just leading the market cap with the difference of $400 million further, if we are speaking of EOS which with a value of approximately 200% of its current value that is $4 billion has just crossed $2 billion or may go further down in reality. Hence, it is recommended to add new interesting and effective projects so as to recover its lost value in the market.
However, Bitcoin Cash value is worse when compared to the other cryptocurrencies as it has experienced a loss of around 75% of its original value which is not so easy to regain. Bitcoin had a market capitalization of more than $8 billion, three months before, but in the current situation, Tether is leading by $100 million from Bitcoin Cash. Now the question is that for how long Tether will be in a leading position. Even other cryptocurrencies such as Paxos Standard and USDC are hurriedly gaining from the past 30 days. The combined effect of Paxos Standard and USDC has a market capitalization of approximately $372 million. However, USDC had attained the highest market capitalization as of now $22 million, but then also PAX value is more when compared with USDC.
Hence, the competitor stablecoins have a long way to move on, but if the same scenario prevails, then the latest entrants will be gaining more and Tether will be losing more and that day will not be far when Tether will be totally out of the market, and newer ones will take over.