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 world’s 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 – it’s likely they’ll find it outright tragic. Come say hi to the Hard Fork team at our blockchain event. On October 15-17 in Amsterdam, hear from top experts as they discuss the industry’s future.
