Bloomberg’s report indicates that Tether(USDT) will take the # 2 spot and overtake Ether by market capitalization. The report, which provided Tether’s future outlook for the month of June, identified Tether ‘s growth as a major driving force for Bitcoin ( BTC). In particular, citing the relevant digital link between blockchain and the US dollar as an important catalyst for blockchain transactions. In addition, Tether provided an urgent need to store value in the world reserve without interference from the middle parties.
Tether (USDT) Overtook XRP
Meanwhile, the report notes that it is only a matter of time before the stablecoin rises to position 2. Recently, Tether(USDT) toppled Ripple (XRP) from third place. Trends in the BTC / USDT chart show that the stablecoin won’t stop any time soon. In fact, the coin is likely to take on Ethereum and move on to Bitcoin. In addition, the report noted how the adoption of tether provided the world reserve currency with a valuable digital proxy.
Past trend analysis noted that the perfomance of Ethereum has always been in sync with the perfomance of Bitcoin. A fact that clearly shows that Ethereum lacks the buoyancy of itself. And it’s only going to operate under the shadow of BTC. In fact, little upsides on the part of Bitcoin have resulted in little or no upsides on the Ethereum trend. Meanwhile, Ethereum is breaking away from its dominant adoption, which benefits from favourable macroeconomic conditions.
US Dollar is Performing Better than Other Major Currencies
On the other hand, the US dollar is winning big against other leading currencies. Despite a massive stimulus package to curb Covid-19, the US dollar has a remarkable perfomance. As such, the US Dollar-linked stablecoins are gaining further traction. Unfortunately, the legal issues facing USDT and major exchanges such as Bitfinex are hindering their future growth.