Stable coins are needed to bring the volatility of the market down in everyday transactions. Without the same buyers and sellers will be skeptical about losing the value of trading goods and services.
This is one of the main reasons why stable coins like Tether are widely accepted in the market.
Since its launch in 2014, Tether has been maintaining price stability. Trading at near U. S. dollar, it did not very much. However, with recent allegations and controversies, Tether price has been changing every day, and its investors are losing faith in this stable coin.
USDT Statistics:
We are looking at the last six months price chart. Price has been volatile and unpredictable since then.
Currently, on June 13, 2019, at UTC 10:26:20, USDT is trading at 1.00 USD, nearly 0.43% below of last 24-hour price. Market Cap for the same is 3,363,743,742 USD. 24h volume is constantly growing with the current amount of 18,211,658,360 USD.
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Today’s ROI is 0.28%, which low compared to the last seven days returns. Yet Tether is the only stable coin that is holding its position in top ten cryptocurrencies in the market.
The bullish trend has started for the coin, which means this is a good time to buy this coin.
Tether Price Prediction:
With overlapping ownership and management with Bitfinex, the speculations about the Tethers role in bitcoins price manipulation are spread across the market.
Many researchers argue the Bitfinex keep supplying Tether in the market in spite of its demand. This faulty move is believed to be artificially creating demand for bitcoin and lot other cryptocurrencies. It pushes up the price causing the inflationary effect.
And when the prices of cryptocurrencies fall down, they could exchange USDT into Bitcoin, in such a way that will push bitcoin up and Tether reserves can be replenished.
The report says, since, December 2017, more than 775 million Tethers have been issued, causing a 52.5% increase in total supply. The white paper that has been issued for the purpose of transparency mentions that by June 2018, there was 2.5 Billion USD in total supply. Currently, the total supply of currency is 3,620,057,493 USDT.
Conclusion:
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The controversies and complications keep surrounding Tether. Right now, what we can do is keep a close eye on the activities.
Stay updated with the current market scenario, if you want to invest in this currency. It will be wise if you do not consider it as long term investment and use it to balance your portfolio, given the current situation.
