Tether USDT surpasses Ethereum as second largest crypto by FDV

Tether USDT takes second place from Ethereum on the ranking of largest cryptocurrencies by fully diluted valuation (FDV). With the Ethereum price falling 5.5% in the past 24 hours, ETH slides to third position. Bitcoin remains the undisputed largest cryptocurrency.

Tether USDT is available via this page.

USDT beats ETH in market capitalisation

According to data from CoinGecko, the FDV of Tether USDT currently reaches $191.52 billion. Ethereum, due to the recent price drop, falls to an FDV of $187.53 billion, meaning the stablecoin has become the second largest cryptocurrency by this metric. Only Bitcoin, with a market capitalisation of nearly $1.2 trillion, ranks higher.

It is a notable milestone. USDT is a stablecoin that always trades around $1 and therefore does not gain price appreciation like other cryptocurrencies. That USDT still overtakes Ethereum says more about ETH’s weakness than about the stablecoin’s own growth. The Ethereum price stands at $1.554,25 and shows a loss of nearly 8% over the past seven days.

Bitcoin also falls, but remains leader

The broader crypto market is under pressure. Bitcoin currently trades at $60.138 and loses over 2.4% in the past 24 hours. Bitcoin’s 24-hour volume amounts to $45.06 billion, indicating active trading despite the downward move. Earlier this week there were already panic sales around the $60.000 level.

Tether’s position as the second largest cryptocurrency is historically exceptional. Ethereum was long considered the obvious number two of the crypto market, but now sees that status temporarily disappear. Whether this is a turning point or a temporary situation depends heavily on how the Ethereum price develops in the coming days.