- Economist Schiff expects the value of two stablecoins to surpass the total token market cap.
- 14% represented by the two largest stablecoins on the total market cap is equal to 80% of ETH value.
- USDT market cap stabilizes for longer periods with every fall.
Chief Economist and Global Strategist at Euro Pacific Capital, Peter Schiff, tweeted that the market cap of all tokens is below $793 billion. He also said that the two largest dollar-backed stablecoins represent 14% of the total market cap of all tokens ($793 billion).
With the market capitalization of all #crypto tokens below $793 billion, the value of the two largest dollar-backed stable coins represents 14% of the market. That's 80% of the value of #Etherum, the 2nd largest. Soon the value of stable coins will exceed the value of #Bitcoin.— Peter Schiff (@PeterSchiff) November 21, 2022
Furthermore, he wrote that the 14% represented by the two largest stablecoins is equivalent to 80% of Ethereum’s value, and as such, it has the possibility to overhaul BTC value.
As per CoinMarketCap, Tether (USDT) and USD Coin (USDC) are the largest stablecoins by market capitalization. USDT claims third place after Bitcoin and Ethereum, while USDC ranks fourth after USDT.
As of press time, Tether is trading at $0.998791 and is down by 0.02% in the last 24 hours. It has a market cap of $65,805,295,452. Alternatively, USDC is trading at $1.00 and is up by 0.03% in the last 24 hours with a live market cap of $44,496,194,305.
According to the infographics below, the USDC market cap has been fluctuating violently. During last Tuesday and Wednesday, the market cap of USDC fluctuated from around $44.0 billion to $44.3 billion; however, towards the end of Wednesday, there was a spike in the market cap, and it reached the $44.4 – $44.5 billion range. On Friday, USDC recorded the lowest market cap of 43.9 billion.
USD Coin to USD seven-day Market Cap Chart on CoinMarketCap
Meanwhile, USDT has been traversing quite a different pattern. With every fall in the market cap, the market cap seems to stabilize for a longer period.
Tether to USD Chart seven-days on CoinMarketCap
The market cap fluctuated around the 66.3B and 66.35B range for less than a day. And then, there was a fall from 66.3 billion to 66 billion, and this fall was followed by a longer period of stable market cap, which extended to almost two days. Thereafter, the market cap fell from 66 billion to 65.8 billion, followed by a stable market cap for four days.
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