Tether whales start moving again as 300,000,000 USDT in a single day as it remains the 4th most valuable cryptocurrency by market cap worth $9,996 billion. In our latest Tether news today we take a closer look at the implications of the move.
Tether is considered the most valuable stablecoin by market capitalization and fourth-biggest crypto by market value as it has been experiencing high volatility in the market recently. The latest development is Tether whales start moving again over 300 million USDT in one day in more than 25 transactions as can be seen on Whale Alert. The data from Coinmarketcap shows that Tether is now ranked at 4th most valuable cryptocurrency by market cap of $9.996 billion with a daily volume of about $32.59 billion at the time of writing.
— Whale Alert (@whale_alert) July 31, 2020
The reports by Coin Metrics a year ago revealed 318 addresses that own 80% of the current total supply of the Tether stablecoin. The analysis by the crypto analytics firm reported that the addresses own at least $1 million in USDT showing a few players determined its market liquidity and price movements in the fast-growing space. Tether whales own a huge portion of the total supply and this is not something new. What makes it interesting is the extent of the ownership centralization in Tether raising fears such as market manipulation by the hands of powerful whales.
About two months ago, a report emerged talking about the organic growth of Tether’s market capitalization as the main reason for the gain BTC currently has. The links to the dollar represent the need to handle and store value in the reserve currency without an intermediary. USDT has seen some huge growth since the start of the year and the market cap of the biggest stablecoin reached $10 billion according to the latest data that we are reading about in our tether news. The market cap almost doubled this year and the amount of economic value enabled through the biggest ETH-based token went parabolic. The ongoing increase in USDT adoption raised discussions about the importance of the asset to the bigger BTC crypto market.
One CoinMetrics research analyst believes that Tether can see its use-cases diversify shortly as it is now in the perfect position to do so. The crypto ecosystem has evolved dramatically over the past ten years while Bitcoin still being the most recognizable asset.
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