Cryptocurrency Market dominance of leading stablecoin Tether (USDT) is approaching all-time highs, while markets are hurting by the collapse of FTX.
Currently around 70 billion in crypto ecosystem USDT circulates and accounts for approximately 9.10% of all digital asset market capitalization.
USDT’s Market Domination Approaches All-Time High
USDT’s dominance is up 25 percentage points compared to last Friday, albeit slightly off the record level of 9.49%. This was just before Binance CEO Changpeng Zhao declared war on rival crypto billionaire Sam Bankman-Fried.
On Saturday, Zhao said that FTX will soon be exchanging millions of dollars from its native token FTT, hitting the top yesterday with Bankman-Fried’s shock bid to completely buy the FTX.com exchange.
However, according to later information, Binance gave up on the agreement in question.
USDT boasted a high supply earlier this year before the collapse of rival algorithmic stablecoin TerraUSD. However, at that time, USDT’s market cap was only about 4.5% of the cryptocurrency market.
BTC’s market cap is currently $306 billion, its lowest point in more than two years; market dominance is just under 39%. By December 2020, this figure had risen to 71%.
The market dominance of Tether’s direct competitor, USDC, has also increased by 25 percentage points since the weekend to about 5.3%, from just over 4%.
*Not investment advice.
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