In the incessant hubbub of the crypto industry, records follow one another, revealing an overflowing excitement. But a new surprise emerges: on the stablecoin side, it’s a party. Tether, with its USDT crypto, crosses the historic mark of 100 billion dollars.
Tether reaches a historic milestone: $100 billion in market capitalization
There appointment of Paolo Ardoino, former CTO, at the head of Tether does it prove to be judicious? Lately, the project appears to be gaining surprising momentum, raising concerns among JPMorgan analysts about its impact on the crypto market.
Tether completely dominates the stablecoin market.
In fact, another billion USDT was printed yesterday. »
In the tumultuous world of cryptocurrencies, a star shines brighter than ever, reveals Cointelegraph. Tether, the stablecoin giant, has reached a historic milestone with a market capitalization reaching $100 billion.
Since the start of the year, Tether’s USDT stablecoin has seen a dazzling growth of 9%, propelling it to unprecedented heights. Far surpassing its closest rival, USD Coin (USDC), Tether momentarily flirted with the $100 billion mark on March 4, according to data from CoinGecko.
This colossal capitalization, exceeding more than $71 billion that of Circle’s USDCpositions Tether alongside behemoths such as British oil giant BP and e-commerce platform Shopify.
Closely linked to the US dollar, Tether is a lifeline for crypto traders looking for stability. Backed by reserves of US Treasury bonds, Tether ensures a 1:1 parity with the dollarthus offering stable value in a sea of volatility.
With a record quarterly profit of $2.85 billion in the fourth quarter of 2023, Tether demonstrated its financial strength and market dominance. Thanks to its massive reserves and transparency, Tether continues to reign supreme in the world of cryptocurrencies.
The growing cryptocurrency market
The cryptocurrency market is experiencing meteoric growth, exceeding $2,542 billion in market capitalization. Driven by the renewed confidence and massive influx into Bitcoin, particularly via exchange-traded funds (ETFs), the market is showing exceptional vitality.
Bitcoin, in particular, hit a multi-year high of $65,083, while Ethereum enjoyed a 16.6% increase to settle at $3,502. Other major altcoins, such as Solana (SOL), Cardano (ADA), Avalanche (AVAX), and even Dogecoin (DOGE), also saw notable gains, contributing to a significant market rally.
This performance, reported since the beginning of December, places the crypto market ahead of giants like Amazon and Google, confirming its meteoric rise.
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