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As per the latest Coinmarketcap updates, Tether (USDT) is sitting at the 10th position having climbed above Tron. This came when the news of Tether printing 250 million worth of USDT came into the market and investor sentiments fluctuating between a bull run and an impending bear run.
Tether joins the ranks of world’s top 10 cryptos
The red is slowly making its way into the cryptocurrency market as top cryptocurrencies start losing their values a bit. Ethereum, Ripple, EOS, Tron, IOTA, Neo, Monero among others are down by 1 to 3 percent. However, Tether, the stability coin backed by USD reserves is keeping onto its value which should always remain $1.
In the past few months during the bear trends, while other cryptocurrencies have slipped down, Tether has remained stick to its position which it is supposed to. Just two days back, Tether was at 11th spot and at the beginning of June, it has been sitting at 14th rank according to Coinmarketcap. However, at the time of writing, Tether has been at $1 and has also climbed above Tron and claimed the 10th spot.
If we take a look at the Tether price movement since it first entered the market, it has remained somewhat a straight line except for a few rise and dips between its course.
Between the April 2017 and February 2018, Tether did fluctuate a bit, going $0.91, $1.07, $0.97, $1.04, and $1.08 at various points as shown in the chart below.
Also, read: Tether [USDT] Releases Transparency Report: 2.5B Tethers Fully Backed by USD Reserves
Tether prints $250 million worth of USDT tokens
The inflow of USDT in the market is seen as a bullish sign by the investors as further shared by the Founder and CEO of Litecoin, Charlie Lee on Twitter.
Generally, this has been a precursor of price going up. Tether gets printed when people deposit USD and get USDT back. This USDT will then be used to buy crypto. This is similar to someone depositing $250MM to exchanges. Of course, that doesn’t mean they will buy right away. DYOR https://t.co/zg2PEjGohv
— Charlie Lee [LTC⚡] (@SatoshiLite) June 25, 2018
The Tweet also alerts of the fact that $250 million worth of USDT has been printed by Tether which according to Charlie Lee is the precursor of a bullish market. However, this is not always the case as pointed out by Twitter user Ben Wagstaff.
Last time Tether granted this much (20th March $300,000,000) bitcoin took a subsequent dump from ~$9000 to a ~$6400 low on 1st April… I wouldn't personally say this is a general precursor of price going up at all..
— Ben Wagstaff (@benwagstaff_) June 25, 2018
Another Twitter user Rolf’s second half of the comment notes the same,
“By the way Tether printed $250MM in May and another drop followed soon after.”
Other have a different perspective as well as Perspective Matters commented,
“What about those that are looking to cash out of crypto and choose USDT as the holding while the market dumps? Have you considered that this print might be in preparation for a final capitulation dump?”
Another Twitter user, Crypto_DeimosTrue replied to Charlie Lee,
“That’s still crypto money. But its not looking good when USDT is at top 10 cryptocurrencies at cmc.”
What are your views on the fresh printing of 250 million USDT Tokens and Tether replacing Tron on the 10th spot? Do let us know your thoughts in the comment section below!
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