Cryptocurrency news

ByteTree: miners sell more bitcoins than they mine

Bloomberg: Tether will soon overtake Ethereum in capitalization

According to the forecast for June from Bloomberg, the stablecoin Tether (USDT) may eventually displace Ethereum from the position of the second largest digital currency by capitalization.

Earlier, USDT surpassed XRP and took the place of the third largest cryptocurrency by capitalization. According to analysts of the publication, Tether will continue to move up until it displaces ETH.

Data: CoinMarketCap

Experts attribute the further growth of Tether’s market share to its wide acceptance in the cryptocurrency industry and its connection with the dollar, the world’s reserve currency. This makes stablecoin a convenient tool for accessing bitcoin.

Analysts also note a significant strengthening of the USD against other Fiat currencies, despite record amounts of stimulus packages to support the economy. This, in their opinion, will have a positive impact on the tether stablecoin.

The report also says that Ethereum is in the shadow of bitcoin and does not have a special “lift”. Despite this, analysts positively assess the technology of the second-largest cryptocurrency by capitalization and the prospects for its further growth.

“The outstanding cryptocurrency differs from others in its broad acceptance and almost perfect macroeconomic indicators,” the report says.

Recall that Tether recently used the solution for scalability of Ethereum from OmiseGO.

The volume of payments using the tether stablecoin last year amounted to $212 billion.