Stablecoin Tether has jumped over EOS to become the fourth largest cryptocurrency by market capitalization, while the entire crypto market continues the ‘Monday Bloody Monday’ trend.
Following the cryptocurrency market’s depressive performance today, EOS trended into the negative regions, dropping a massive -7.11% in the past 24 hours, while trading at a $2.23 price point, with a total market cap of just over $2 billion.Tether total market cap stands at $2,038,752,924, $20 million above EOS total market cap.
Whenever the crypto market undergoes a strong bearish trend, the demand for stablecoins increases due to the fact that traders are look to liquidate their crypto holdings for stabilized assets.
As converting to fiat assets is not an option for many crypto investors, they move their funds to stablecoins like Tether. The poor market behaviour of today explains why today the market capitalization of Tether is in green while the rest of the crypto market is drenched in the color red.
Most likely, Tether won’t hold on for long to its current number 4 position. Once the market correct upwards, Tether will fall back to a lower ranking top 10 spot.
Tether has quietly added ~$200mil in circulating supply since mid-Nov ’18
Currently 4th biggest ‘blockchain asset’ by market cap pic.twitter.com/3bfq82L7ml
— Alistair Milne (@alistairmilne) January 28, 2019
Read more: Bloody Monday sees $6 billion erased from market cap, BTC drops under $3,500
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