RATE Group | Tether Surpasses XRP to Become the Third-Largest Cryptocurrency
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Tether Surpasses XRP to Become the Third-Largest Cryptocurrency

23 Apr Tether Surpasses XRP to Become the Third-Largest Cryptocurrency

Posted at 00:06h in Cryptocurrency News by

  • The market capitalization of Tether (USDT) surpassed that of XRP this week.
  • The dollar-pegged stablecoin is now the third-largest cryptocurrency.
  •  Macro factors led the demand for USDT higher, including traders’ flight-to-cash amidst the fast-spreading novel Coronavirus pandemic.

Tether has replaced XRP, the native token of the San Francisco-based blockchain payment firm Ripple Labs, to become the third-largest cryptocurrency by market capitalization.

bitcoin, tether, cryptocurrency, btcusd, stablecoin

Top cryptocurrency tokens by market cap as on April 22 | Source: Messari.io

The dollar-pegged stablecoin, which protects traders from the extreme volatility associated with Bitcoin and similar crypto-assets, saw its reported valuation surpassing $7.5 billion on Wednesday. Meanwhile, the size of the XRP market squeezed under $5.5 billion as its prices fell into negative territory on a year-to-date timeframe.

Tether Demand Up

The rise in Tether’s market capitalization followed a voluminous flight to cash in the first quarter of 2020. Data…

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