Tether runs over Cardano; positions itself as #8 in the crypto market
Tether [USDT] has overtaken Cardano [ADA] to take up the eighth position among the top digital currencies in terms of market cap, pushing Cardano down to the ninth position, according to CoinMarketCap.
The global cryptocurrency market has been navigating through troubled waters in recent times. However, Tether paddled through these murky market conditions to post significant gains, leaving behind one of the leading digital currencies Cardano.
Troubled market couldn’t stop Tether from scaling new peaks
While the overall market is seeing a slump, USDT is up by 0.26% and holds a market cap of $2.7 billion (values at the time of writing). Cardano is showing a slump of 5.29%, as it trails Tether with a market cap with around $1.9 billion. Tether has also surpassed Cardano in terms of value with the former currently standing at $1 and the latter standing at $0.072780.
As cited by Bitcoin Exchange Guide, a good portion of the crypto world has shown their confidence in Tether as one of the most secure digital assets, and a major reason is the fact that it is pegged to the USD.
Kain Warwick, founder and CEO of Havven, is of the opinion that authorities might suspend the coin any time they want to, since the crypto is not decentralized. However, if this situation ever arises, there is a strong likelihood that major cryptocurrency exchanges will be adversely affected, which will in turn impact the entire crypto community.
Image via Shutterstock
Join our Telegram group