Tether Moves Past Cardano to 8th Biggest Crypto in Market
Tether manages to recover from the decrease in its market cap last month after it hit a low of $2.4B. In the meantime, the numbers are in their favor as they shot up to $2.7B, the 8th largest on the crypto market, following a printing round of $300M.
The market has indeed declined in terms of market capitalization in general. The charts show that the 8th position used to be dominated by Cardano. As for August 2018, the 8th position market capitalization requirement has dropped by over 70% from $10B.
Similar to Tether, Dai has shown a slight increase in market capitalization during this month- from $46 million to $48 million. However it has still fallen 12% from their capitalization at the beginning of the month.
On top of that Ethereum’s rates have gone up to $300 giving more traders the chance to use Tether and Dai more. However, the attitude of users show that the majority is skeptical about Dai. This is because of their small market capitalization, compared to its peers.
In addition, Dai are not listed on Binance, so it takes the willingness to take a risk to use their cryptocurrency. For the time being, it is still unclear how Tether and Dai will do on the long-term, but they are showing an all-time high and are pushing towards higher ranks and larger market capitalization.