Just for a couple of moments, Tether (USDT) stablecoin hit the number four place on the market cap list but EOS spiked with 21 percent increased and took over the position. In this crypto news, we take a closer look at the altcoins on the market.
Bitcoin and almost all of the other altcoins are in the green with Stellar going up to the fifth place with almost a 10 percent increase. Before coming to the fourth position, Tether’s market cap dropped back to $1.85 billion.
If you take into consideration all of the controversy circling around Tether, the performance of the stablecoin is notable. However, Tether’s market cap lost nearly $700 million over the past few months but the coin jumped to the number 5 position the past week.
In the meantime that Tether receives scrutiny, other stablecoins such as the Gemini Dollar and the Paxos Standard Token gained popularity. Paxos has even received the New York Department of Financial Services approval.
These are not a clear indicator of whether the market has totally recovered but it is certainly good to see that the volumes are rising. Investors are even looking into the more volatile coins now.
EOS is showing one of the most amazing performances but there is no clear explanation for today’s rise. Currently, there is a three-week EOS workshop in India and the EOS Global Hackathon in Cape Town.
EOS increased up to 16 percent last week and is still going well. Coinbase is even considering adding the stablecoin to its platform.
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