Stable coins are mainly designed to provide security and maintain stability in the notoriously volatile crypto market. Many crypto experts rely on stable coins to offer protection and to maintain the growth crypto ecosystem. Tether is one of the most popular stable coins, and at multiple times it has been accepted as a replacement to the dollar by many major exchanges.
The coin is pegged to the value of fiat reserves at one to one ratio. It is intended to maintain the same value relative to that underlying fiat currency, no matter the situation of other cryptocurrencies. Not only it is expected to offer the safeguard against the unpredictability of the crypto market, but it is also estimated for the joy of easy transactions and record keeping ability associated with virtual currency.
Tether has always been favored by buyers who try to avoid loss in a bear market. It is seen as an important link between fiat and virtual currencies, provided its extensive availability and easy access.
Hence, it is quite strange to hear about the disappointments by this currency. But we have to look at it as it really is and not as we wish it to be.
Currently, On June 7, 2019, at UTC 10:24:00, Tether is trading at $1.01 USD with a slight change of 0.17% reduction from yesterdays. Market cap rose to 3,248,172,774 USD from $ 3,205,473,652 USD in last 24 hours. 24h volume also went up to 20,292,385,417 USD from 19,670,146,862 USD. Circulating supply is also seems to grow high to 3,229,393,061 USD. ROI went as high as from 0.38% to 0.58%.
Tether price prediction:
When it comes to decision making of whether to buy or not to buy any tether coin, there are several factors that need to keep in mind. Such as,
- Widespread availability: Tether is available on most of the major exchanges.
- Volatility in the crypto market: In the ever-changing and highly unpredictable crypto market, stable coins like tether are the ones to rely on to avoid price drop and preserve profits.
- The link between Fiat and digital currency: With the ease of access and smooth transaction process, Tether acts as the link between traditional currencies and the crypto ecosystem.
- Ever-increasing supply: As the circulation of tokens grows, and more and more money is reportedly flowing in accounts, Tether coins seem to be a replacement for USD and other Fiat currencies.
Although Tether also has many other issues to deal with. Along with the threat of a lack of reserves, investors and government would want authentic and reliable financial audits to be conducted. The failed attempt to keep these two promises can lead to a market crash for this currency. Some analysts have also reported that Tether is being used to manipulate the Bitcoin price. This raises the question of integrity for the coin.
Do your own research. You will find a lot of information about cryptocurrencies and the current market situation. So, dig a little deeper before you make any investment decision.
Tether is a very simple but brilliant idea that could help crypto market carrying out healthy. Although, they did fail in execution. The growing concerns over its financial situation and recent market movements have been giving nightmares to its investors.
The price prediction for the coin remains stable now. But you can expect a slight price drop in its value if any further controversies arise. However, it’s dubious that it would stray away from its $ 1 benchmark.