In the past few months, some digital coins with values connected to the U.S. dollar have lost a lot in value. However, the most popular stablecoin called tether is almost very close to setting its all-time highest record yet! It’s current market value is $82.84 billion and it only needs $433 million more to match its top score that was set back in May 2022.
How Tether’s Market Worth is Breaking Records and Shaping the Crypto World!
Around 370 days ago, on May 8, 2022, tether’s market worth reached the highest it ever has – $83.279 billion. At this time period, Terra’s so-called stable coin, terrausd (UST), broke away from its fixed value of $1.
Not long after this record high, tether’s market holding decreased and dropped to a low of $65.36 billion by November 24, 2022 – a sinking of almost 22% from its peak before.
Tether’s market value has been rising, and as of May 13, 2023 it is worth $82.84 billion (according to coingecko.com). That’s close to the highest value it has ever reached!
Over the last 30 days, the amount of USDT in circulation has increased by 2.7%. This means that on May 13th there is about 82 billion tethers with a total value of around $82.84 billion.
The competitors of USDT have had different outcomes in the past month. For example, USDC has decreased its number of supplies by 6.5%. BUSD has gone down even further with a 17.4% decrease and Makerdao’s DAI lost 6.9%.
Tether went up a little by 2.7%, while Pax Dollar (USDP) skyrocketed around 13.8% over the same period of time. The biggest increase happened to GUSD as it saw an incredible jump of 42.8% in terms of its supply.
GUSD and USDP have gotten bigger in the last 30 days, but nothing compares to tether. It’s really big – it’s worth $82.84 billion which is 7.09% of the value of every cryptocurrency together, which is around $1.16 trillion.
As of May 13th, the cryptocurrency market was trading with a total global volume of $36.79 billion, and out of that, $20.41 billion was due to a digital currency called “tether.” This means tether has grown massively in value since January 2nd 2021 — increasing by 290.754%.
Will Tether’s worth rising to its highest ever affect the rest of the cryptocurrency market? We’re interested in hearing what you think about this. Share your viewpoint on what might happen to stablecoins and their influence on the crypto world in the comments section here.