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Tether Might Replace Ethereum's Position on Coinmarketcap

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5 months ago

report from Bloomberg published on October 5 suggests that Tether (USDT) could soon overtake Ethereum (ETH) in terms of market cap.

  • The Bloomberg Crypto Outlook report for Q4 2020, which discussed various aspects of the market, states that Tether’s market cap could surpass Ethereum in 2021

  • Tether has been minting a lot of USDT tokens in the past two years, which explains the rapidly increasing supply of the stablecoin

  • In January 2020, the supply was roughly $4.1 billion; it surpassed $15.7 billion in October 2020

  • Tether continues to face criticism over the backing of its supply, changing its policy to include both cash and other assets as collateral

  • The report also speaks positively of the market as a whole, stating that “Bitcoin has a tendency to add zeros”

  • The report predicts a $100,000 price tag for Bitcoin in 2025

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