Cryptocurrencies

Tether Unseats XRP As Third-Largest Crypto, Dwarfing Its Volume 25:1

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Tether (USDT) has overtaken XRP to become the third largest cryptocurrency by market capitalization, as Ripple fails to gain adoption amongst retail investors.

Top 10 Cryptocurrencies by Market Capitalization. Source: CoinMarketCap

Top 10 Cryptocurrencies by Market Capitalization. Source: CoinMarketCap

As for Ripple (XRP), it’s been a race to the bottom, its market cap has collapsed from a high around $130 billion in January 2018 to the current one under $9 billion. At one point XRP was jockeying for the number two position with Ether (ETH), however, currently, the combined market cap of XRP and USDT is still $5 billion behind Ether.

USDT vs. XRP market capitalization. Source: Cointelegraph, CoinMarketCap

USDT vs. XRP market capitalization. Source: Cointelegraph, CoinMarketCap

USDT trading volume dwarfs XRP’s

Perhaps part of the problem for XRP is a lack of traction with retail investors. In terms of daily trading volume, USDT dwarfs XRP. USDT’s average daily volume in May has outpaced XRP’s by a factor of 25.

USDT vs. XRP volume. Source: Cointelegraph, CoinMarketCap

USDT vs. XRP volume. Source: Cointelegraph, CoinMarketCap

But this doesn’t mean that the race for third place is over. With a decent bull run, XRP could blow past its stablecoin rival, which cannot move up or down by more than a few percentage points.

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