For a short time yesterday, the Tether stablecoin (USDT) hit 4th place by market capitalization in the cryptocurrency charts. Today Bitcoin (BTC) and other altcoins are showing green. EOS is back in 4th place with a sudden 21% hike, and Stellar (XLM) is now in 5th place with a near 9% price increase. At one point, it appeared that investors were selling out of their stablecoin holdings with some gusto.
Tether’s market capitalization drops back to $1.85 billion, before rising:
Given the outstanding controversy surrounding Tether and the rise of many other stablecoins – its recent performance is notable. Tether’s market capitalization has lost around $700 million in recent months but the coin did also achieve 5th place by market capitalization last week too.
As Tether receives scrutiny from researchers for its involvement in Bitcoin’s price boom of 2017, regulatory-backed stablecoins like the Gemini Dollar (GUSD) and the Paxos Standard Token (PAX) have gained in popularity.
Paxos, like the Gemini Dollar, has received New York Department of Financial Services (NYDFS) approval. PAX market capitalization also fell back for a period today before recovering. It’s a similar story with the new TrueUSD (TUSD) stablecoin:
Though we’re not saying the market is recovering just yet, it’s good to see that trading volumes are rising instead of falling. Investors appear to have moved out of some of their safer stablecoin balances and back into the more volatile coins.
EOS is seeing the healthiest performance in the top 20 coins today but there is so far no clear reason behind today’s rise. However, the blockchain ecosystem is seeing some determined EOS development activity. There is currently a three-week EOS workshop and a hackathon running in India and the EOS Global Hackathon in Cape Town, South Africa, has just come to an end.
EOS also saw a 16% hike last weekend and is performing as well as any amidst the current market woes. It could be a next choice for Coinbase to add to its platform. Like recent Waves performance, EOS price activity could be a sign of confidence in the underlying EOS blockchain technology.
Featured image from Shutterstock.
Last modified: May 20, 2020 1:58 PM UTC