Tether [USDT] beats Cardano [ADA] to become the 8th largest crypto
Amid the crypto market bear rally, Tether [USDT] seems to have replaced Cardano [ADA] to become the eighth largest crypto by market capitalization. In a bleeding crypto market Tether, the stable coin has soared above Cardano with a market cap of $2.7 billion while Cardano registers a market cap of around $2 billion.
Tether is touted as one of the safest coins to invest in as it is pegged to the USD. Even though the coin battled a strong seller pressure in the crypto market and lost around 0.03% it recovered well and is currently trading above $1. At the time of writing, USDT is changing hands at 1.0003 and is losing against USD by 0.05% while Cardano is slipping by over 8%.
Kain Warwick, the founder of Stable coin Havven said authorities could easily shut down Tether as it is a cryptocurrency that is not decentralized. If Tether shuts down it can affect every major exchange and in turn the whole community. Cardano, on the other hand, is fielding positive news as it recently got listed on Bittrex and also on Abra, the digital investment app. The coin can expect more trade volume with the new listings.
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