RATE Group | Tether USDT Surpasses XRP as the 3rd Largest Cryptocurrency
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Tether USDT Surpasses XRP as the 3rd Largest Cryptocurrency

12 May Tether USDT Surpasses XRP as the 3rd Largest Cryptocurrency

Posted at 09:09h in Cryptocurrency News by

Tether’s (USDT) has just surpassed XRP in market capitalization, becoming the third biggest cryptocurrency in the moments leading into the Bitcoin halving.

Sitting with a market cap of $8.79 Billion it is now bigger than XRP, whose market cap is roughly $8.6 billion. USDT is currently second only to Ether (ETH) as the largest altcoin in the cryptocurrency market.

The market cap rise comes as a result of the constant increase in the supply of USDT, the majority of which circulates on the Ethereum blockchain. There have also been huge inflows of USDT into exchanges in recent weeks in the run-up to the Bitcoin halving. 

USDT inflows from Tether Treasury

USDT inflows from Tether Treasury. Source: Twitter/@Whalealert

While it is normal for exchanges to hold large amounts of USDT, especially ahead of a big event like the halving, it can also be considered as a bullish sign for Bitcoin as investors may be preparing to buy cryptocurrencies with USDT. 

Brian Quinlivan, marketing and social media director at cryptocurrency…

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