Tether Dethrones Ethereum for Brief Period
Tether briefly overtook Ethereum as the second-largest cryptocurrency by market value on Friday after a sharp selloff sent ETH plummeting to its lowest price of $1,510 this year.
The drop was a result of a 5.2% decline in Ether's value over 24 hours, which pushed its market capitalization below $185 billion for the first time in months.
Tether's supply, on the other hand, edged near $186 billion, lifting it into second place behind Bitcoin and ahead of Ethereum.
However, the lead was short-lived as dip buyers returned, causing ETH to reclaim its position near $189 billion within hours.
Analysts attributed the rotation to a flight to safety, with Bitrue Research Institute's research lead, Andri Fauzan Adziima, stating that 'the market still favors stability over Ether's volatility.'