[DigitalToday reporter Chi-gyu Hwang (황치규)] Tether’s stablecoin USDT has overtaken Ethereum to become the No. 2 cryptocurrency by market capitalisation.
Cointelegraph reported on Thursday that Ethereum fell 5.2 percent over 24 hours, dropping to $1,510 on Coinbase.
The slide pushed Ethereum’s market value below $185 billion. USDT’s market value stood at $186 billion, topping Ether.
The market sees the reversal as a shift toward preferring stability over volatility. Andri Fauzan Ajima of Bithru Research Institute said the market currently favours stablecoin stability over Ethereum volatility.
Stablecoins are also taking a larger share. Stablecoins account for about 15 percent of the total cryptocurrency market value. 21Shares said stablecoin supply fell more than 30 percent in the previous bear market, but supply is now at a record high.
Alvin Kan, chief operating officer of Bitget Wallet, called the reversal a milestone that shows the growth of stablecoins and their expanding dominance in the crypto ecosystem.
Chi-gyu Hwang
delight@d-today.co.kr