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- Report said that stagnant market cap of ETH, which is currently at $43.2 billion but remained under $30 billion in 2019 and 2020
- Tether will surpass ETH next year, more adoption of Tether is likely to be seen in the coming months
- Report also highlighted that the increasing demand for Tether will see the arrival of CBDCs is just a matter of time
The Crypto Outlook Report for Q4 2020 recently revealed by Bloomberg, shows that Ether (ETH) would lose its number two position by 2022. Senior Commodity strategist Mike McGlone from Bloomberg believed that Tether (USTD) will replace ETH after Bitcoin. If the current trend prevails, the market cap of Tether could well surpass ETH early next year.
The report said that stagnant market cap of ETH, which is currently at $43.2 billion but remained under $30 billion in 2019 and 2020, before getting hype from Decentralised Finance (DeFi) in July end. On the contrary, USTD’s market cap had seen a steady growth from 2017 with only one shortfall in 2018. At the beginning of 2020, the stablecoin market cap was at $4.1 billion, which continuously rose to $15.7 billion by October the same year.
According to the report by McGlone, Tether will surpass ETH next year, more adoption of Tether is likely to be seen in the coming months. However, Adam Back, a Crypto pioneer believes that Bitcoin is the only digital currency that is at the top, and the traders would only prefer in trading the BTC. It is a benchmark for most of the investors in the crypto market and will continue to be a dominated coin.
Back is a safe investor and invest in a currency which is secure and is bullish. He also uses stablecoins but does not hold them for a longer duration with him. It is only a Bitcoin that can be held for a longer duration.
The report also highlighted that the increasing demand for Tether will see the arrival of Central Bank Digital Currency (CBDCs) is just a matter of time. Not only this, the report predicts that Bitcoin will have an excellent future because of its increasing demand. The report mentions that BTC is bullish and is adding zeros, as it is soaring from its current price of $11,448 to $100,000 by 2025. With a fixed cost supply of 21 million, demand Vs supply metrics remain price positive, states the Bloomberg report.
The report also mentions that BTC has seen an increase in its adoption but at a slower pace and would continue to do so in the future as well. This means that bitcoin metrics show that demand and adoption of this magical coin are more likely to stay on its upward trajectory.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
