Tether Maintains Its Third Position as Crypto Market Rebounds on US Stimulus

Tether Remains the Third Most Capitalised Cryptocurrency Ahead of Ripple

Tether (USDT), one of the world’s stablecoins, maintained its third position ahead of Ripple (XRP) and Bitcoin Cash as the cryptocurrency market rebounded from the weekend low.

The stablecoin’s market capitalisation stood at $9.208 billion as at the time of writing, while the volume traded in the last 24 hours was $28,180 billion. This is more than Ripple’s $8.502 billion market value and $1.244 billion traded turnover in the last 24 hours.

Despite numerous controversies trailing the stablecoin, it continues to attract retail investors ahead of Ripple backed by former US President, Bill Clinton.

Tether current circulating supply stood at 9,187,991,663 USDT while the total supply was 9,479,177,442 USDT.

On the other hand, Ripple’s circulating supply stood at 44,257,803,618 XRP while the total supply was 99,990,932,726 XRP.

In the last 24 hours, Tether declined by 0.05 percent to remain at $1 a coin, stablecoins’ price movements are usually determined by both the fiat or assets they are tied to and their own fundamentals.

Stablecoins are cryptocurrencies tied to a fiat currency, an asset or basket of assets to reduce price volatility and ensure general stability.

Rippled gained 3.01 percent to $0.192 a coin on Tuesday, according to the available data on CoinMarketCap.

The entire crypto market came alive after the US central bank, the Federal Reserve, said it will begin the purchase of debt issued by individual corporations to further boost money flowing into the real economy.

The news bolstered traditional assets across the world with S&P gaining 0.89 percent on Monday and European stocks gained about 2 percent.

The arrival of new money also boosted the crypto market that in recent months has started exhibiting similar characters with traditional assets.

Cryptocurrency’s most dominant coin, Bitcoin, gained 3.94 percent to $9,539 per coin as at 3:12 pm Nigerian time. The second most capitalised cryptocurrency, Ethereum gained 4.31 percent to settled at $234.72 a coin.

Bitcoin Cash, Bitcoin Sv and Litecoin added 3.20 percent, 2.10 percent and 1.45 percent to close at $237.38, $175.68 and $43.74, respectively.