Tether is a controversial cryptocurrency backed by Tether limited. It is a stable coin which claims each token to be pegged to 1 USD, with plans to anchor to other fiat currencies too. It was designed to be worth $1 always. Tether was termed controversial because of the company’s failure to provide a promised audit to exhibit the reserves backing tether, its role in tampering the price of Bitcoin, the unclear relationship with Bitfinex exchange platform and the company’s lack of a long term relationship with financial institutions. USDT is not issued on a new blockchain; instead, there are four versions of the token in the market. Tether uses the Omni layer protocol to issue assets on the bitcoin blockchain, and the same protocol is utilized to mint Euro tether tokens. There are EURO and USD Tether ERC-20 tokens on the Ethereum blockchain.
Current Stats
USDT coins are being traded at 1.01 USD on April 04 at 13:04 UTC for its relative MCap trading at USD 2,082,496,307. Based on these stats, Tether coin is the 10th largest currency in the crypto market. This is also evaluated based on the circulating supply of 2,068,220,447 USDT coins out of a total of 2,580,057,493 USDT and its corresponding 24h volume of $24,618,512,045. Coinmarketcap assesses the proximate return on investment (ROI) for this cryptocurrency to be 0.76%.
Outline on Market Trend
Advertisement
Tether’s market rose from its trading value of USD 1880 million at the beginning of January 2019 to a peak of 2050 million by January 20. The capitalization of the market had been range bound until March 06 2019 with a minor fall in value by 2.63% to USD 1,977,485,764 on January 31 at 09:34 UTC. The market value purged a 2.19% with the Mcap value dropping from USD 2,051,487,615 on March 06 to USD 2,008,920,169 on March 07. The trading price of the cryptocurrency has been static with a value of 1.01 USD. Nevertheless, the mMCap value has been on the increase thereafter reaching its peak value of USD 2,088,779,807 on April 04 at 09:34 UTC, which is higher than the present value by a meager 0.30%. Nonetheless, the 20-day EMA has been in support of the uptrend market with the values rising by 3.55%, giving bulls the upper hand.
Price Prediction
According to Wallet Investor analysts, the price of USDT is estimated to reach 1.042 USD by 2020 and further rise a 16.91%, reaching 1.179 USD by the end of 2024. UsLifted believes that 2019 will be a year of opportunities for traders and there will be an increase in the price of USDT to 1.75 USD by the year-end.
Conclusion
Advertisement
Tether is a stable coin and is pegged to fiat currency, and hence buyers with long term plans are advised to purchase USDT as a temporary hedge and not consider an investment. The current market trend is evident with its support and a profitable outcome for traders with short term investments.
