The Tether project was created to use traditional currency in the form of tokens. The developers created an altcoin based on the Bitcoin blockchain, which allowed combining the advantages of cryptocurrency and fiat money. However, this coin is nearing its resistance level, and its replicating price movements were last seen in 2021.
Not only is it not really a representer of your ability to immediately exchange the cryptocurrency to fiat but also the fiat it is theoretically representing is flawed in its financial positions. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. The global crypto market cap is $3.23T, a 3.40% decrease over the last day. In June and July, USDT’s market cap stagnated around $62 billion despite small fluctuations.
Bitcoin’s dominance is currently 60.48%, an increase of 1.72% over the day. Remarkably, it took PayPal over 20 years to reach an outstanding balance of about $32.5 billion, while Tether did it in just 6 years. Crypto analyst Kevin Capital has suggested that the Bitcoin price may be in trouble.
It reflects growing demand for the stablecoin, which has become the base cryptocurrency for most digital asset traders. Alphractal shared the same data; this time, it highlights the growing role of USDC in the stablecoins segment. According to Alphractal, USDC is eating up the share of USDT, and other altcoins are fueling its rise in the industry. A smart contract enables multiple scripts to engage with each other using clearly defined rules, to execute on tasks which can become a coded form of a contract.
This consistency makes Tether a reliable medium of exchange and a store of value, mirroring the US dollar’s worth. Its widespread adoption and trading volume underline its pivotal role in the digital currency ecosystem. Please remember that the prices, yields and values of financial assets change.
Unlike its rival, Tether’s USDT, USDC enjoys strong institutional backing and regulatory clarity. These are the primary reasons many investors and institutions prefer USDC over Tether’s USDT. Stablecoins, often taking the backseat from Bitcoin and other top cryptocurrencies, are now in the spotlight.
There have of course been fluctuations between January and May, some quite wild, but the overall trend for these coins, and plenty of others too, has been firmly upwards. Based on CryptoQuant’s data, the stablecoins market increased by $37 billion since the first week of November last year, when Donald Trump won his second presidency. The same CryptoQuant report shared that the stablecoin’s performance may spill over to Bitcoin and other cryptos. To ensure stability in a fluctuating market, the circulating supply of Tether must be equivalent to the U.S. dollars held in reserve. These reserves are a composite of cash equivalents, other assets, and receivables from loans.
Despite having the lowest value of all currencies featured here, those aforementioned headlines have certainly been justified by astonishing growth of 7,555 percent up to May 4. Maker, currently valued at around $6,000 compared to Dogecoin’s 55 cents, has seen a price increase of 760 percent having hovered below the $600 mark up to the end of last year. This game was extremely popular in developing countries like The Philippines, due to the level of income they could earn. Players in the Philippines can check the price of SLP to PHP today directly on CoinMarketCap. We calculate our valuations based on the total circulating supply of an asset multiplied by the currency reference price. “BTC’s price may be up, but trading volumes haven’t changed much,” noted Acheson.
