Controversial USD-backed stablecoin Tether is now the worlds 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.

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

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 its likely theyll find it outright tragic.

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Published September 25, 2019 15:29 UTC

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Dollar-pegged stablecoin Tether is now the worlds 4th biggest cryptocurrency - The Next Web