{"id":20906,"date":"2023-05-13T18:55:33","date_gmt":"2023-05-13T18:55:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tethers-market-cap-inches-towards-all-time-high-as-competitors-struggle-with-redemptions-bitcoin-news\/"},"modified":"2023-05-13T18:55:33","modified_gmt":"2023-05-13T18:55:33","slug":"tethers-market-cap-inches-towards-all-time-high-as-competitors-struggle-with-redemptions-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tethers-market-cap-inches-towards-all-time-high-as-competitors-struggle-with-redemptions-bitcoin-news\/","title":{"rendered":"Tether\u2019s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions\u00a0 \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022.<\/strong><\/p>\n

Stablecoin Tether on Brink of Record Market Capitalization<\/h2>\n

Approximately 370 days ago, specifically on May 8, 2022, tether\u2019s (USDT<\/a>) market capitalization soared to an all-time high (ATH) of $83.279 billion. It was during this period that Terra\u2019s once-stable coin, terrausd (UST), became unpegged<\/a> from its $1 parity.<\/p>\n

Following that event, tether\u2019s market valuation experienced a decline, hitting a low of $65.36 billion on November 24, 2022, resulting in a loss of 21.51% of its total market capitalization.<\/p>\n

Since then, tether\u2019s market capitalization has experienced growth and is now inching closer to the ATH it achieved on May 8. As of the current date, May 13, 2023, tether\u2019s market valuation stands at $82.84 billion.<\/p>\n

\"Tether\u2019s
Tether\u2019s market valuation as of May 13, 2023, according to coingecko.com statistics.<\/figcaption><\/figure>\n

Recent data reveals a notable 2.7% surge in the number of USDT<\/a> in circulation over the past 30 days. Consequently, with the market valuation at $82.84 billion, the estimated count of circulating tethers on May 13 is approximately 82,797,235,449.<\/p>\n

USDT<\/a>\u2019s competitors have experienced contrasting fortunes in recent months. Take usd coin (USDC), for instance, which has witnessed a decline of 6.5% in its supply over the past month. BUSD has encountered a loss of 17.4%, while Makerdao\u2019s DAI has fallen by 6.9%.<\/p>\n

On the other hand, while tether witnessed a modest 2.7% increase, pax dollar (USDP) saw a notable rise of approximately 13.8% within the same timeframe. Leading the pack in terms of supply growth over the past 30 days was GUSD, with the number of tokens soaring by 42.8%.<\/p>\n

Although GUSD and USDP have experienced notable growth over the past 30 days, they pale in comparison to the colossal stablecoin giant, tether. Moreover, tether\u2019s market capitalization of $82.84 billion constitutes a significant 7.09% share of the crypto economy\u2019s total value of $1.16 trillion in USD.<\/p>\n

Furthermore, as of May 13, the entire crypto market boasts a global trade volume of $36.79 billion, with tether commanding a substantial $20.41 billion of that volume. Since January 2, 2021, tether\u2019s market valuation has skyrocketed by 290.754% over the last 861 days.<\/p>\n

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ATH<\/a>, Competitors<\/a>, crypto economy<\/a>, Digital Tokens<\/a>, growth<\/a>, GUSD<\/a>, Market Capitalization<\/a>, Market Valuation<\/a>, redemptions<\/a>, Stablecoin<\/a>, Supply<\/a>, Tether<\/a>, Tokens<\/a>, USDC<\/a>, USDP<\/a>, USDT<\/a>, USDT market cap<\/a><\/div>\n<\/div>\n

Will tether\u2019s ascent to its all-time high mark a turning point in the stablecoin landscape? We want to hear your thoughts and insights. Share your perspective on the future of stablecoins and their impact on the crypto market in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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