A 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
