USDT (Tether) Flips XRP on CoinMarketCap after a $11 Billion Crypto Dump

22 May, 2020 Updated 22 May, 2020

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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Can XRP Make a Comeback?

The total market capitalization of USDT and XRP on CoinMarketCap is in the $8.6-$8.7 billion range. Nevertheless, the data from Coinmetrics reveals that the supply of USDT is around $9.24 billion. The total liability in US Dollar as reported by Tether.io is $8,953,090,494.48.

A near 4% increase in XRP price could essentially restore XRP’s third position. A distant fourth on the list is Bitcoin [BCH] Cash with a market capitalization of around $4.2 billion.

xrpusd bitfinex — XRP/USD 1-Day Chart on Bitfinex (TradingView)

Crypto Markets Fearful?

The total market capitalization of the crypto markets fell by 4.5%, the drops w.r.t. US dollar comparable to the rest of the markets. This seems to caused another exit towards stablecoins, as fear grew among investors. The crypto fear and greed index is currently at the confluence of a break-down to bearish levels.

fear and greed index crypto — Crypto Fear and Greed Index (Source)

The dominance of Bitcoin over the crypto market is around 67.4%. It has dropped around 3% from the highs around the halving pump. Nevertheless, sell-offs in Bitcoin tend to accelerate altcoin dumps as well. The current levels for support around $8,800-$9,000 will be paramount for the bulls.

Do you think the altcoins can make a comeback? Please share your views with us.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.