“It might not be the showy and highly-valued cryptocurrency like Bitcoin and Ethereum, but it’s much more stable and reliable than most other cryptocurrencies. Taking your eyes off Tether will be a huge mistake,” said the CEO of Pinance.io, Gerald Hardin.
Tether is not just any cryptocurrency. You have to realize that it created a completely new category of coins in the cryptocurrency industry, called stablecoins. These are the coins that are tied to the value of a specific fiat currency. The term stability comes from the fact that they are tethered around stable assets.
In other words, it was a completely new category commenced by the developers of Tether. If you look at stablecoins only, you are talking about their leader when you refer to Tether.
The gains in the price of this cryptocurrency are not as huge as those made by some other digital coins, such as Bitcoin, Ethereum, Ripple, etc. However, that’s exactly the point of the existence of this digital currency. It needs to be stable because it is pivoted around the value of the US dollar.
If you look at the price of Tether on February 1, 2021, it was at $1.000746. On May 1st, 2021, the price is at $0.999883. Yes, that’s a decline in the price of the stablecoin which has caused many to pay attention to other digital currencies. In the recent competition, most well-known digital currencies are going high in value by leaps and bounds.
On the other hand, Tether is being the shy kid in the performance at the wrong moment. However, the CEO of Pinance believes, “Tether is a stablecoin and the lack of drastic change in its price at a time when all the big digital currencies are trading at their all-time highs is a positive signals for the investors of this coin.”
“The people who are looking at only the face value of the token right now are not looking deeper. If they do, they will realize that the market cap of this currency has been on the rise, which translates to the fact that more and more people are now putting their trust and investment in this coin,” says the Pinance CEO.
If you look at the market cap of the digital currency on May 01, 2021, you will realize that it has doubled in just three months. To be precise, the market cap of Tether at the moment is $51,506,250,365. Don’t forget that this new category of digital currencies is trusted so much by people that it is the fifth biggest digital coin in the world right now.
Keep in mind those facts and statistics, it will be a lack of insight of people moved away from this stable investment and put their money into digital coins that are highly volatile. For new traders and investors, volatility can be a nightmare if they don’t understand the dynamics of the market.
In short, if you have not taken notice of Tether as of yet, it is time you shortlist it among the best digital currencies and keep it on your watch list.