- Economist Schiff predicts that the value of two stablecoins will exceed the total market cap of the tokens.
- 14% represented by the two largest stablecoins of the total market cap is equal to 80% of the value of ETH.
- The USDT market value has been stabilizing for longer periods with each fall.
Peter Schiff, chief economist and global strategist at Euro Pacific Capital, tweeted that the market capitalization of all tokens is less than $793 billion. He also said that the two largest dollar-backed stablecoins account for 14% of the total market cap of all tokens ($793 billion).
With a market cap of all #crypto tokens under $793 billion, the two largest dollar-backed stablecoins account for 14% of the market. That’s 80% of the value of #Ethereum, the second largest cryptocurrency. Soon the value of stablecoins will surpass that of #bitcoin.
— Peter Schiff (@PeterSchiff) November 21, 2022
Moreover, he wrote that the 14% represented by the two largest stablecoins is equivalent to 80% of the value of Ethereum, and as such, has the potential to fix the value of BTC.
According to CoinMarketCap, (USDT) and (USDC) are the largest stablecoins by market cap. USDT ranks third after and, while USDC ranks fourth after USDT.
As of press time, Tether is trading at $0.998791 which is down 0.02% in the last 24 hours. Its market capitalization is $65,805,295,452. Instead, USDC is trading at $1.00 and is up 0.03% in the last 24 hours with a live market cap of $44,496,194,305.
According to the charts below, the market capitalization of USDC is swinging wildly. Over the past Tuesday and Wednesday, the market capitalization of USDC has fluctuated from around $44.0 billion to $44.3 billion; However, at the end of Wednesday, there was a rally in the market capitalization, and it reached the $44.4-44.5 billion range. On Friday, USDC hit a market cap of $43.9 billion.
USD Coin to USD 7-day market capitalization chart on CoinMarketCap
Meanwhile, USDT has been going through a very different pattern. With each drop in the market value, the market value seems to stabilize for a longer period.
Tether to USD seven day chart on CoinMarketCap
The market cap fluctuated around the 66.3B and 66.35B range for less than a day. After that, there was a drop from 66.3 billion to 66 billion, and this fall was followed by a longer period of stable market cap, which lasted nearly two days. After that, the market value fell from 66 billion to 65.8 billion, followed by the market value that has been stable for four days.
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Economist Schiff predicting that the value of Stablecoin will surpass that of BTC appeared first in the Coin issue.