Dollar-pegged stablecoin Tether is now the world’s 4th biggest cryptocurrency

Controversial USD-backed stablecoin Tether is now the world’s fourth biggest cryptocurrency, only surpassed by Bitcoin, Ethereum, and Ripple.

Tether, which is actually only 74-percent backed by cash and other assets, garnered a higher share of the market after a major sell-off.

According to CoinMarketCap, Tether currently has a market capitalization of $4.13 billion.

Its trading volume stands at $36 billion over the past 24 hours.

Top 10 cryptocurrencies by market capitalization via CoinMarketCap

Meanwhile, Bitcoin – undoubtedly the world’s most famous cryptocurrency – suffered a considerable decrease in terms of both price and market cap.

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Bitcoin price and market cap via CoinMarketCap

Although Tether enthusiasts may see this as cause for celebration, I wonder how hardcore cryptocurrency fans will stomach a stablecoin pegged to the US dollar being in the top four – it’s likely they’ll find it outright tragic.

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