Tether stablecoin has lost its position to Binance Coin and Polkadot

USDT loses the third position in the list of cryptocurrency by market cap
  • Tether the dollar-pegged stablecoin has lost its position from third to sixth
  • Binance Coin, Cardano, and Polkadot are the succeeding tokens
  • Slide of the Tether stablecoin is considered equivalent to a bullish portfolio
  • Bitcoin and Ethereum will remain leading to take the coin to the moon

Tether (USDT) the dollar-pegged stablecoin has been observed being knocked out of the third position. Last week, Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT) were found performing tremendously. USDT was observed sliding downwards from the third to sixth position in the list of top crypto assets by market cap on Sunday. BNB, DOT, and ADA were the tokens that succeeded the dollar-pegged stablecoins. The total market capitalization of the stablecoin was observed near $35 billion, whereas BNB was near $46 billion, DOT near $37 billion, and ADA near $35 billion.

Tether stablecoin slides down towards the sixth position from third

In recent days Binance Coin was observed performing tremendously, taking the position of Tether the dollar-pegged stablecoin in terms of market capitalization. Due to high gas fees, several DeFi projects were migrating from Ethereum to Binance Smart Chain (BSC). The migration led the price of Binance Coin to surge by more than 100%. 

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Aside from BNB, Polkadot and Cardano have also achieved new all-time highs after soaring more than 40% and 20%, respectively. Indeed, the platforms are also benefiting from both a super-optimistic market and a spate of new developments.

Slide of stablecoin considers bullish portfolio

The de-ranking of Tether stablecoin might indicate that a trader is shifting towards performance led growth in place of assured stability. It is observed that the dollar-pegged stablecoin has spent a considerable amount of time below the level of $1. Indeed, this only happens when USDT is ditched en-masse for high potential crypto in a bullish market. Moreover, several indicators consider the fact as great portfolio rebalance. 

Although Bitcoin achieved a new all-time high last week, the perpetual swap was observed remaining towards zero. The previous observation indicates that the digital asset traders are purchasing Bitcoin on the spot market to hold for a longer time frame.

Will the leading cryptocurrencies continue to lead?

Following the performance of several crypto assets, it concerns whether Bitcoin and Ethereum will be able to hold their position. Last week, the flagship crypto-asset already surpassed the benchmark level of $1 trillion in market cap. On the other side, Ethereum has surpassed the price level of $2k for the first time in its history. However, there is no space for a doubt that both the leading tokens will continue to lead the market towards the moon.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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