Tether Printed on Tron Nearly Leapfrogs Crypto’s Market Cap For Second Time

Tony "The Bull" Severino

5 years ago

2 mins read

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With the crypto market still trading within the clutches of bears that have kept prices down over the last several years, there’s been a massive surge in the market cap of stablecoins like Tether.

The growth in Tether has ballooned so high, the market cap of Tether built on the Tron blockchain has surpassed the market cap of the altcoin itself. Not only has it suppressed it, but it’s nearly leapfrogged the total TRX market cap twice.

Tron and Other Altcoin’s Fall Is Tether’s Triumph

As Bitcoin’s meteoric rise in late 2017 took the public eye by storm, altcoins like Tron and other crypto assets saw a similar spike.

Just as the first-ever cryptocurrency was setting a record for its all-time high price at $20,000, altcoins began to skyrocket.

Assets such as Tron (TRX) grew over 25,000% in an unprecedented and powerful move that shocked investors who made life-changing wealth.

Tron rallied from a fraction of a penny to over 45 cents per TRX token.

But the bubble popped, and capital fled to cash and stablecoins like Tether to avoid falling crypto prices. Altcoins like Tron were especially crushed, dropping over 90% to current lows.

Falling crypto prices led to a regular increase in the supply of stablecoins. Not just Tether has been printed at an alarming rate, but newcomers USDC and Paxos Standard are also seeing record growth.

Growing Stablecoin Supply Is Reflection on Crypto Market Sentiment

Tether is the leading stablecoin across the market, dominating not just all other stablecoins but most other cryptocurrencies. During the bear market, its value as a stable flight to safety has made the asset especially attractive.

As the market leader, the asset is regularly evolving to stay ahead of the growing competition. The asset started on Omni-layer Bitcoin, then moved to Ethereum, and later Tron.

The Tether supply printed on Tron has grown so significantly, it is now nearly twice the market cap of Tron itself.

1.7 billion $USDT on #TRON.🚀#TRX $TRX pic.twitter.com/79CNbgUFiL

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 12, 2020

The fact that total amount of Tether alone built on Tron is valued far more than the entire Tron network itself, speaks to the current sentiment across the crypto industry.

However, when sentiment is so low, it is often a sign that things will soon start turning around. The last major altcoin boom started with Bitcoin’s halving in 2016. The halving just once again happened, and it could spark another run for alts that finally let assets like Tron recover and take away some of Tether’s dominance over the crypto market.

Featured image from Pixabay

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.