Over the past 24 hours, the cryptocurrency market has shown a sharp decline, and the stablecoin Tether (USDT), taking advantage of the drop in the value of altcoins, has pushed the EOS coin out of 4th place in the ranking of the largest digital assets.
As a result of another decline in the cryptocurrency market, the largest coin Bitcoin (BTC) fell to $3458. The leader of the decline in the top ten cryptocurrency ranking was Bitcoin Cash, which fell by 11%. Meanwhile, the stablecoin Tether is now holding its positions and is trading at $1.01, and the market capitalization of this asset has grown to $2.04 billion. Thus, USDT has risen to fourth place in the ranking of the largest cryptocurrencies, pushing out EOS, whose capitalization has dropped to $2.012 billion.
Demand for stablecoins backed by fiat currency always grows under the dominance of a bearish trend in the crypto market. Most traders try to minimize losses by acquiring digital assets that have real financial backing. That is why we are now seeing Tether strengthen its position.
The rise of the USDT stablecoin began back in December, when the coin managed to make it into the top five largest digital assets. However, there are now no grounds for a more substantial strengthening of Tether, since the stablecoin's nearest competitor, ether (ETH), has a capitalization of more than $10.971 billion. Today's entry into the top four cryptocurrencies is most likely short-term, analysts believe. As soon as the crypto market starts to gain, Tether will again lose its positions and yield leadership to EOS or Bitcoin Cash.
