Tether (USDT) Briefly Surpasses Stellar (XLM) to Become the Fourth Largest Crypto Coin Market Cap
The stablecoin Tether (USDT) was able to surpass Stellar Lumens (XLM) as the fourth largest cryptocurrency in the market. Tether is the largest stablecoin in the market and has been affected during this year by several controversies regarding its funds.
This stablecoin was able to become the fourth largest cryptocurrency in terms of market capitalization when it surpassed Stellar, which is one of the most popular networks and cryptocurrencies.
Tether had a market capitalization of $1.86 billion that was enough to acquire the fourth position in the market during a short period of time. At the time of writing, however, Tether came back to the fifth position.
Each Stellar Lumens can be purchased for $0.0974 and it has a market capitalization of $1.87. This project has been working with different companies in the space including IBM or the Kik messaging platform.
During 2018, USDT registered an important growth after a very bullish 2017. The stablecoin reached a market capitalization of $2.8 billion in October. Nevertheless, at that time, some USDT coins were removed from circulation. Furthermore, the stablecoin lost its peg when there were some issues around the funds it had and the banking institution providing services to it.
2018 has been a very hard year for virtual currencies. Most of the space has been affected by a bear trend that reduced the value of many coins. Tether was able to grow from around $10 million market cap in 2017 and reach the current $1.86 billion. EOS, Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX), Monero (XMR) or Dash have been surpassed earlier this year by Tether.
During the last few months, some new stablecoins were launched to the market such as the Gemini Dollar (GUSD), Paxos Standard (PAX), TrueUSD (TUSD) or USD Coin (USDC). All of them are trying to take part of the market that Tether dominated a few months ago. Despite the fact that Tether reduced its supply, it has proven to be resilient to the many different issues that arose around the stablecoin.
It might be difficult for Tether, however, to surpass Ethereum as the third largest virtual currency. It could be catastrophic for Ether (ETH) to keep falling since it has lost more than 90% of its value since the beginning of the year.
Now Stellar Lumens is trying to remain as the fourth largest digital asset.