Tether Briefly Dethrones Ethereum as Crypto's No. 2 Asset
Tether (USDT) briefly overtook Ethereum (ETH) as the second-largest cryptocurrency by market value on Friday, after a sharp selloff dragged ETH to its lowest price this year. The drop sent ETH's market capitalization below $185 billion for the first time in months.
USDT, however, saw its supply edge near $186 billion, lifting the dollar-pegged token into second place behind Bitcoin (BTC). This shift followed a 5.2% drop over 24 hours that sent ETH to $1,510 on Coinbase, a level last visited in October 2023 and April 2025.
The lead proved fleeting as dip buyers returned, and ETH reclaimed second place near $189 billion within hours. Analysts cast the rotation as a textbook flight to safety, with Andri Fauzan Adziima from Bitrue Research Institute saying that 'the market still favors stability over Ether's volatility.'