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Tether is ready to overtake Bitcoin …

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Is Tether Going To Destroy BITCOIN on January 15th!?

Tether is ready to overtake Bitcoin ...

Tether is ready to overtake Bitcoin in average daily transaction value
CONTENT

  • Tether has already surpassed Bitcoin several times in the cost of daily transactions.

  • USDT will be able to become the absolute leader in a few months, according to Coin Metrics.

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Market capitalization of the largest stablecoin already approached a record $ 10 billion.

The largest stablecoin by market capitalization Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More USDT may overtake bitcoin in the short term in the average daily transaction value.

This is the conclusion reached by Nick Carter, co-founder of the analytical blockchain agency Coin Metrics..

Tether is ready to overtake Bitcoin ...

“If the pace continues, Tether could single-handedly overtake bitcoin [average daily transaction value] in a couple of months,” Carter told Blooomberg..

USDT is currently capitalized at $ 9.1 billion, making stablecoin the third largest digital asset by market capitalization..

Infringement of sovereignty

At the same time, the daily average amount of transactions on the Bitcoin network is $ 2.1 billion, while USDT has this figure of $ 1.72 billion..

Source: Coin Metrics

However, the dollar volume of transactions with USDT has already repeatedly surpassed the indicators of the Bitcoin network in terms of amount..

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On July 20, the amount of daily transactions of USDT on the Ethereum network surpassed the $ 1.95 billion mark, while Bitcoin’s transaction volume barely exceeded $ 1.8 billion.

On June 29, the gap was even wider and amounted to over $ 800 million in favor of USDT.

DeFi bubble

The gap in the average daily transaction cost between the Bitcoin and Ethereum networks began to narrow since April 2019.

Tether is ready to overtake Bitcoin ...

The current active gap bridging is driven by the explosive growth of DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More marketplace that is largely deployed in the Ethereum ecosystem that and leads to capital inflows, as well as exorbitant commission costs.

However, Bitcoin still remains the dominant cryptocurrency by market capitalization.. 

At the time of this writing, the capitalization of the bitcoin cryptocurrency exceeds $ 172.3 billion.

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