Tether Pushes Into 9th Spot in Crypto Market Ranking as IOTA Falls Behind
Tether (USDT) has once again benefitted from the misfortune of others, at least as far as market cap rankings go. While Tether hasn’t exactly grown in value over the last few days, it has been pushed up the rankings by default following IOTA’s daily loss of close to 5%.
IOTA started the day at a price of $1.00 before dropping to $0.955 – the current price at the time of writing.
Today’s loss for the MIOTA coin compounds the weekly bloodletting which has seen IOTA fall in value by 18% over seven days. At the start of the week one coin was priced at $1.16, and the heavy losses incurred over the last week have ultimately led to a slip down the rankings.
The market cap of IOTA is currently at around $2.6 billion – just slightly less than Tether’s current market cap of $2.7 billion.
Tether Claims Another
This isn’t the first time Tether has dislodged a top-10 coin. For the last few months Tether had been creeping up on Tron, and eventually succeeding in displacing TRX from the top-10, pushing it down to 11th where it currently sits. In fact, Tron’s losses have been so dramatic that both NEO (NEO) and Monero (XMR) now threaten to overtake TRX, which would see Justin Sun’s platform fall to 13th place, just beyond Dash.
Right now, Tether is just under $500 million behind 8th place Cardano (ADA), and could easily displace the ADA coin if another market dip clears 16% of Cardano’s value. Not an impossibility given the current shape of things.
When There’s Blood on the Streets…
Interestingly, the majority of IOTA trades over the last 24 hours have come against USDT Tether- which shouldn’t be a surprise during a market dip.
In bullish times, the utility of USDT becomes slightly less pronounced. But during a heavy market dip, traders tend to use Tether as a temporary life-raft. When the value of your coins start to dip, trading them for USDT allows you to sit out the dip and then buy in again once it bottoms. Not only do you get to make a profit, but you get to buy more coins than you started with and then wait for them to grow again.
That’s the idea anyway, and it sounds like a good one. But Tether is shrouded in the same mystery and uncertainty that envelopes most of the crypto world, with many refusing to take their chances with the (supposedly) dollar-pegged coin.
Even though Tether brought in a team of auditors to verify their pegging claims, many regarded the historic links between the Tether team and the auditors to be too close for comfort. The speculation continues, and in the meantime, Tether continues to grow by virtue of others falling.
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