Bitcoin Forum

As per now, there are 4894 Crypto currencies and 20790 markets on CMC. Bitcoin is on the number one. But USDT is ranking up rapidly and now it’s number 4. Any possibility to get it over Bitcoin? I would be shocked if I see.

It wouldn't surprise me. Bitcoin and altcoin prices keep dropping. Meanwhile, Tether's market cap keeps holding steady or increasing. Apparently, Chinese Tether adoption is playing a big role in that: Controversial Crypto Coin's Rise Fueled by China Trading Ban (https://www.bloomberg.com/news/articles/2019-10-15/china-trading-ban-is-fueling-rise-of-controversial-crypto-coin)

The price of that token is equivalent to USD 1USDT = 1USD the only way to make it higher in marketcap is to add supply of USDT. I dont know if this is possoble ,but  if they can also add supply then it is mostlikely it will replace bitcoin in CMC but it will never change since the value that coins is stable.

CMC ranking is based on Marketcap. Almost all exchanges have both BTC and USDT pairs. If the price of Bitcoin falls more chances are that USDT will go up a few more levels. I doubt it will overtake Bitcoin.

Bitcoin base pair is far higher than USDT, so actually it is not possible for USDT to become number one.

It is not unusual if the capitailization in the stable coin will be greater than Bitcoin capitalization. Traders flee in USDT when the market situation is uncertain and the Christmas time is exactly unstable moment on the market. I am sure that at the beginning of next year the situation will change and funds will begin to return to BTC.
Anyway, we can't compare USDT to Bitcoin only. USDT should be compared to the entire cryptocurrency market.

You guys are nuts and are not making the proper math.

Tether is now 4th, but capitalization is not linear.
Bitcoin has 134 billion market cap, while tether onlyu 4 billion

This means that tether has only2.9% of all Bitcoin market cap.

For tether with its  2.9% to reach Bitcoin , tether would need to be between the top 50 largest companies in the world, ahead of HSBC, Abode, Netflix, BHP PayPal and many other. This is just ridiculous to consider
https://www.corporateinformation.com/Top-100.aspx?topcase=b

"Ah but Bitcoin market cap could collapse to 4 billion and tether would pass".
No ofc not. Tether Destiny depends on bitcoin success. If Bitcoin become only 2.9% of its actual price (about 200 usd), tether will go to zero
 

First of all CMC rank is based on the total marketcap value not based on the daily trading volume.

The total market value of bitcoin : $134,842,407,273

The total market value of Tether : $4,122,436,933

If tether wants to reach first place then $134,842,407,273 - $4,122,436,933 So they need to print $130,719,970,340 USDTs.

Its nothing to worry if USDT outranks BTC on CMC, the stablecoin will still be stable as pegged to USD. If all stable coins would add all their cap, they maybe able to surpass BTC cap. But its not going to be something of a threat but it helps you when you trade any coins in crypto. You will even find these stablecoin useful in bear market and you can use it when it happens.

I wouldn't be shocked if it happened, but it doesn't mean anything.  USDT is obviously tied to the dollar, and we know how many of those there are in circulation.  USDT is a stable coin and in my opinion shouldn't be characterized as a 'true' cryptocurrency like bitcoin is.

Coinmarketcap rankings are what you make of them, and I never really cared all that much about which coin is ranked at which position.  A coin with billions of them in existence could easily have a very high market cap even with a low value.  That doesn't make it a good coin and in fact there are a few coins that are highly ranked but which are complete crap, like ripple.  Take the cmc data with a big grain of salt.

To be honest I'd start to worry. If they're indeed reaching hundreds billion market cap then the risk of a token not having a real dollar backing them is higher.

Who knows when Tether (or any other company) starts inflating their own currency and sell it for their own benefits.

You do not need to worry about the USDT , tether or other stable coins. These are just the representation of the USD in the crypto market and you will see it in the top 10 in CMC always.  Also I think that technically if USDT ever comes on top of bitcoin, it will mean some serious dis-interest in bitcoin.

Assumed price*. We are not certain that there is 1:1 backing.

In terms of 24 hour volume, Tether is higher than bitcoin but CMC doesn't base their ranking on that factor. And it's a long way to go for Tether to replace bitcoin being the rank 1.

Correct.

And they will be questioned again if they'll do that.

If they do that, the value will drop and very soon the total market value going to $4 bill. again.

What's Tether used for the most? Inflating crypto prices, mainly Bitcoin. If Tether prints new tokens, they will be inflating the price of Bitcoin. If Tether ends up having a +$100 billion market cap, it will have pumped Bitcoin and some other coins to the moon and beyond. It can't ever surpass Bitcoin, only some lower market cap shitcoins.

Another factor is that the larger Tether grows, the more incentive regulators have to dig into it for real this time. No way that regulators will let them thrive having over $100 billion in tokens. It's a centralized house of cards. They have been very kind to Tether thus far, but that could and probably will end one day.

it is not so much of a "rank" that you see on coinmarketcap.com website, it is more like a "list sorting" technique based on arbitrary data. for example you can sort the list based on names and bitcoin "rank" in that sort would be above 1000. that sort is just as meaningful as sorting the list based on market capitalization. the reason is simply because there is no limit for how many coins can an altcoin have as its so called "circulating" supply. for instance about 80% of the supply of XRP is not at all circulating! but it is used in its market cap calculation. same with tether, they have been printing it non stop and with big amounts each time. that is why the result of supply*price of it is increasing hence it seems like its "rank" is rising. otherwise it still isn't growing itself. specially in the current altcoin market that people aren't trading them as much as before when they were pumping hard.

Nope it won't
Have in mind that Tether is not the only stablecoin out there. There has been a growing number of stable coins, and so they will get a share of the market capitalization that Tether would have had

Do you know that the default view on coinmarketcap website's ranking is by market capitalization of the asset?

And it is possible to click on the column heading to change the view. So if you wish to see USDT on the top you could click on Volume (24hour) and you will see Tether on top - for today that is. Hope that makes you feel "shocked" now ;D

I'm actually shocked that Tether is at number4.

What are people thinking? USDT is not real dollars, it's not backed by any reserves, you can't withdraw to dollars in your bank account. It's a scam and a con.

People don't care. They just want it to work and it does. If people really cared about Tether being a scam the volumes on exchanges wouldn't increase but decrease. So called Tether exchanges do not care either because they convert their profits in USDT to Bitcoin and sell that to actual USD on other exchanges.

As long as there is a possibility to convert USDT to Bitcoin, people will continue to value it at $1 a pop. They can get the actual USD elsewhere.

Actually I think that some would care, but way too many simply don't know this. And the fact that many websites were treating USDT and USD like being the same did not help (at least this has change lately).
Indeed, most care only that it works. But I am sure you've seen the treads with people even trying to keep their money in USDT (!) for whatever reasons.
I think that we should tell louder that USDT is not USD, that it's not properly audited for reserves, hence a scam and there's no certainty on what USDT price will be in the next hour.

I highly doubt on that one where Tether would able to beat up BTC for the top spot if we do consider on the entire cap then we can say that it would still takes time and
a heavy adoption of Tether for it to reach up BTC cap level.

Im not saying it isnt possible but would really need extreme level of adoption and recognition of tether,if not then it would just remain as it is when it comes to rankings.
It might being hyped but wont really be enough.

That should not happen at all because decentralized market only. Because if the centralized market capture the world in the cryptocurrency space we will be started begging the centralized giants running the block chain nodes they were running for it

as long as "top spot" translates into "bigger market cap" or in most cases "bigger supply", i don't think it would be that hard for any shitcoin to go above bitcoin and become "top". all it takes is an enormous supply with only 1% circulating and a tiny price.

but if you change the meaning of "top" to mean actually top considering value, adoption, utility, decentralization, security, price,... then non only it becomes impossible for them to be the "top coin" it also becomes impossible to even have 1/100 of bitcoin's rank.

The coins in coinmarketcap are ranked in order of their market capitalization which is price*circulating supply. So, it's not easy for any coin to be higher than bitcoin only with having a big supply.
What matters is their circulating supply not their total supply.