USDT has not been this close to ethereum before

[Oshosondy]

Ethereum marketcap as of now is $220.71 billion.
USDT marketcap as of now is $183.58 billion.

Is USDT not gradually getting close? USDT has not been this close to ethereum before.

What do you think about this?

I know ethereum will rise back and go above USDT if it happen but I think this may be indicating something as altcoins may disappoint people at anytime.

[FinneysTrueVision]

Regardless of how people may feel about stablecoins and USDT in particular, they have managed to find product-market fit. One of Ethereum’s primary utilities is being a blockchain for stablecoin transfers. The ETH currency, however, is only necessary for paying gas. I don’t see why anybody would want to use it as a store of value. Ethereum might be a great chain that many people are building on, but it has failed as a currency.

This may finally be the year when ‘the flippening’ comes to pass, it just won’t be in the way ETH maximalists thought it would happen.

[tokeweed]

^  The 'flippening'.  Lolol.  I used love throwing that term around in the speculation section when ETH starts trending up against BTC just to see how the maxis react.    But yeah in case you guys didn't know, Vitalik has been selling his personal stash of ETH and I'm feeling like he also has an unknown stash of BTC that he could also selling rn... 

Vitalik was into BTC before launching ETH and don't forget that he founded Bitcoin Magazine back in the day.    So wouldn't be surprised if he also has a large stack of BTC somewhere.

[JeromeTash]

It's happened before though not with USDT but XRP
To be honest, ETH did not perform so well in this recent bull market as it was expected. A lot of people thought it would blow past $5K towards maybe $10K, but it just stayed stagnant between $4K and $3.

I also think the likes of Solana and BNB took off most of the hype (and money inflow) that Ethereum had back in the day.

[shinratensei_]

USDT market cap growth rate is 36% in 2025 alone, it has been steadily growing despite being a stablecoin issued by some company. Those compounding growth will overtake some of the biggest altcoin including ETH if they keep failing in setting new ATH record.
ETH, Solana or any altcoins right now hardly broke their ATH and only going up a little bit higher, it's almost certain that USDT will catch up to their market cap. Imagine a stablecoin that have bigger market cap than the blockchain it deployed in.

[FinneysTrueVision]

It's happened before though not with USDT but XRP
To be honest, ETH did not perform so well in this recent bull market as it was expected. A lot of people thought it would blow past $5K towards maybe $10K, but it just stayed stagnant between $4K and $3.

I also think the likes of Solana and BNB took off most of the hype (and money inflow) that Ethereum had back in the day.

Bcash also flipped Ethereum before, but none of these has lasted for more than a few days or weeks. I think USDT has a chance to take the #2 place and stay there for a while. If Tether fails to overtake Ethereum, it might be due to there being so much fragmentation among stablecoins and not because ETH suddenly becomes more popular. USDT’s market share is being diluted by competition from USDC, USDe, USDS, and now USAT.

[asriloni]

Ethereum marketcap as of now is $220.71 billion.
USDT marketcap as of now is $183.58 billion.

Is USDT not gradually getting close? USDT has not been this close to ethereum before.

What do you think about this?

I know ethereum will rise back and go above USDT if it happen but I think this may be indicating something as altcoins may disappoint people at anytime.

It's normal since tether keeps printing more and more stable token. It's growing even faster compared to the ethereum's inflation. So you will be slowly, but surely USDT to pass ethereum someday when the big dump happen.

Beside that the take over of USDT means lack of demand to alts. If alts still get huge demand, ETH may not be dumping below USDT. So, it's the trend effect. We can expect this to last for some times, but once the bull will come back. ETH can surpass tether mcap again.

So i think it's all due to the volatility.

[Odusko]

You see that gap between Ethereum and USDT, you may think it little gap but that can take forever for USDT to cover, I am not surprised that USDT surged in the market cap, but that not withstanding is because of the demand for stable coin lately between their have their limitations which stop it growth in terms of long term, although Ethereum itself have not being doing well in the market also but not to the extent of being overtaken by stable coins.

[Akbarkoe]

A clear indication that a bear market is underway and people are more fearful of altcoins, leading more investors to store their money in stablecoins. The rise in stablecoins indicates a decline in confidence in the altcoin market. Emotionally, this is true, as I also have similar thoughts. During periods like this, it's better to hold USDT to avoid volatility, while exploring potential in other altcoins.
ETH has begun to lose its holders because they weren't particularly enthusiastic about the previous cycle, and this could also be a trigger.

[shinratensei_]

A clear indication that a bear market is underway and people are more fearful of altcoins, leading more investors to store their money in stablecoins. The rise in stablecoins indicates a decline in confidence in the altcoin market. Emotionally, this is true, as I also have similar thoughts. During periods like this, it's better to hold USDT to avoid volatility, while exploring potential in other altcoins.
ETH has begun to lose its holders because they weren't particularly enthusiastic about the previous cycle, and this could also be a trigger.

The market has lost its steam, nothing of significance is going on and to be blunt, altcoin market is running on hype.
It's no wonder that everybody is holding stablecoin instead. The first time altcoin lost its hype, people will convert it all to stablecoin due to lack of opportunity.

Maybe when altcoin become hype again that people will start coming back to altcoin.