Bitcoin was supposed to be the dominant force in the digital currency world. It also maintained the position for quite some time but in the recent, it is seeing a downfall.
The daily aggregate value of Bitcoin has fell below Tether in the recent times. The data was brought to the fore on June 29 according to researcher Coin Metrics. It is likely that Tether will catch up Bitcoin in a few month of time as predicted by Nic Carter.
“At this pace it looks like Tether alone will catch Bitcoin within a month or two,” said Nic Carter, co-founder of Coin Metrics, whose data Messari used.
To understand: Tether has been controversial in its run since 2015. The entities that control the coin are currently embroiled in a dispute with New York’s attorney general over alleged misuse of client funds, claim the company has denied, according to a Bloomberg report.
The daily amount does not includes the transaction which takes place.
“This doesn’t mean there isn’t a role for ‘native’ cryptocurrencies to play, but it does mean that they have surrendered a fraction of their touted utility to the more convenient stablecoins,” Carter said.