Tether’s Market Cap Nears All-Time High

Around a year ago on May 8, 2022, Tether’s market capitalization reached its all-time high of $83.279 billion. During this period, Terra’s stablecoin, Terrausd (UST), became unpegged from its $1 parity. This event resulted in a decline in Tether’s market valuation. Tether’s market cap hit a low of $65.36 billion on November 24, 2022, leading to a loss of 21.51% of its total market capitalization. However, Tether’s market capitalization has since grown and is now approaching the all-time high it achieved on May 8. As of May 13, 2023, Tether’s market valuation stands at $82.84 billion.

Recent Data on Tether’s Circulating Supply

According to recent data, there has been a significant 2.7% increase in the number of USDT in circulation over the past 30 days. As a result, the estimated count of circulating Tethers on May 13 is around 82,797,235,449.

Competitors’ Performance

In contrast to Tether’s growth, its competitors have experienced differing fortunes in recent months. USD Coin (USDC) has witnessed a decline of 6.5% in its supply over the past month. BUSD has encountered a loss of 17.4%, while Makerdao’s DAI has fallen by 6.9%. On the other hand, Pax Dollar (USDP) saw a notable rise of approximately 13.8% over the past 30 days. GUSD leads the pack in terms of supply growth over the past 30 days, with the number of tokens soaring by 42.8%.

Tether’s Dominance in the Crypto Market

Tether’s market capitalization of $82.84 billion constitutes a significant 7.09% share of the crypto economy’s total value of $1.16 trillion in USD. Additionally, Tether commands a substantial $20.41 billion of the global trade volume in the entire crypto market, which currently stands at $36.79 billion as of May 13. Since January 2, 2021, Tether’s market valuation has skyrocketed by 290.754% over the last 861 days.

In conclusion, Tether continues to be a dominant player in the stablecoin market with its market capitalization nearing its all-time high. While its competitors’ performances have varied, Tether’s growth shows no signs of slowing down.