Tether overtaking Ether by end of next year? According to Bloomberg’s Crypto Outlook report for Q4 2020, Tether overtaking Ether to take the number two position by market capitalization could happen!
The report was written by Mike McClone, and Tether could pave the way towards more mass adoption. The report cited the “stagnant market cap” of ETH, which currently stands at $53.2 billion dollars. It remained under $30 billion for most of 2019 and 2020.
Tether’s marketcap, by comparison, has grown steadily since 2017. USDT started 2020 with a market capitalization of $4.1 billion – USDT is standing at $15.7 billion as of October.
“It should take something significant to stall the increasing adoption of Tether,” McGlone stated. “If current trends prevail, the market cap of Tether may surpass Ethereum next year.”
The report suggests that the demand for Tether is indicative of Central Bank Digital Currencies (CBDCs) is fast approaching. It also predicts a bullish future for Bitcoin.
“Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace,” the report stated.
“Most demand and adoption measures indicate Bitcoin is more likely to stay on its upward path.”
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