With the cryptocurrency market still operating in the bear claws that have kept prices low in recent years, there has been a massive increase in the market capitalization of stable coins like Tether.
Growth at Tether has climbed so high that the market capitalization of Tether based on the blockchain Tron has exceeded the market capitalization of Altcoin itself. Not only did it remove it, but it almost exceeded TRX market capitalization twice.
The fall of Tron and other Altcoin is the triumph of Tether
While the meteoric rise of Bitcoin at the end of 2017 has caught the attention of the public, alternative currencies like Tron and other crypto assets have experienced a similar increase.
Just as the first cryptocurrency set a record for its historically high price of $ 20,000, altcoins began to skyrocket.
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Assets like Tron (TRX) rose more than 25,000% in a powerful and unprecedented move that shocked investors who turned wealth into a life that changes.
Tron has recovered from a fraction of a penny to more than 45 cents per TRX token.
But the bubble burst and capital fled in cash and stable coins like Tether to avoid dropping crypto prices. Altcoins like Tron were particularly crushed, dropping more than 90% to current lows.
Falling prices of cryptocurrencies have resulted in a steady increase in the supply of stable coins. Not only has Tether printed at an alarming rate, but newcomers to USDC and Paxos Standard are also experiencing record growth.
Stablecoin's growing offer is a reflection on the sentiment of the crypto market
Tether is the market leader in stablecoin, dominating not only all other stablecoins but also most other cryptocurrencies. During the bear market, its value as a stable escape to security made the asset particularly attractive.
As a market leader, the assets evolve regularly to stay ahead of the growing competition. The asset started in Bitcoin Omni-layer, then moved to Ethereum, then Tron.
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Tether's print offer to Tron has increased significantly, now almost double Tron's market capitalization.
1.7 billion $ USDT in #TRON.🚀#TRX $ TRX pic.twitter.com/79CNbgUFiL
– Justin Sun (@justinsuntron) May 12, 2020
The fact that the total amount of Tether built only at Tron is valued much more than the entire Tron network itself, reflects the current sentiment of the cryptography industry.
However, when the feeling is so low, it is often a sign that things will soon start to change. Altcoin's last big boom started with bitcoin halving in 2016. Halving only took place once again, and could trigger another rush to the heights which will eventually allow assets like Tron to recover and erase part of the domain. of Tether in the cryptography market.
Featured image from Pixabay