Tether Price Analysis: New hope for Tether?
For the last couple of months, Tether (USDT) is in the news for its legal battle with The New York Attorney General. NYAG has filed a case against Bitfinex and Tether for all documents pertaining to an implicit loss of $ 850 million by the exchange on April 25. The most notable price reduction happened there.
Over a year ago, team Tether made the promise of regular and ethical audits, to its investors. It has infamously failed to do so by hardly producing two attestations, none of which is made by audit firms.
As reported on Bloomberg, on June 5, 1029, leading cryptocurrency exchange Binance has announced to issue its own stable coins within the next two months. With 100% cash backup of currencies all over the world, Binance plans to make money off of interest on fiat deposits just like tether does.
There are few things, which make Tether suitable for crypto investors to use the currency. With hardly a few minutes to complete the transactions, Tether does not charge any transaction fees for the fund transfer between Tether wallets. It is also a stable and fast resource to cash in and cash out in a difficult market situation.
USDT/USD 1 Month Chart – TradingView
Tether (USDT) price for today, June 6, 2019, at 08:43:56 UTC is $1.00 with Market Cap of 3,205,473,652 USD. Price went up by 0.28% in the last 24 hours. The 24h trading volume is of 19,670,146,862 USD. It has circulating supply of 3,193,242,376 USDT with a Total supply of 3,470,057,493 USDT coins. With MACD indicator of 12, 26 technical analysis suggest buying new coins right now.
Ranked at number 9 in the market, Tether serves its purpose of being a stable dollar substitute. Current ROI for the currency is 0.38% with an all-time high value of 1.21 USD.
Tether Price Prediction:
Tether coin is the cryptocurrency that is supposed to be worth exactly as US Dollar is worth at the same period. Means, with decrease and increase in the price of US dollars future of Tether price, remains unpredictable.
Most importantly, Asian investors still seem to have faith in this coin.
The Chinese cryptocurrency exchanges make it easy for 60% of all stable coin Tether trading globally. According to a report by Diar, exchanges account for more than 10 billion dollars in USDT trading.
Tether itself has made an announcement of releasing USDT on EOS blockchain providing greater blockchain inter operability. EOS is notably one of the most circulated tokens added to the exchange in recent times, and it is boasting a market capitalization of over $ 8 billion.
Conclusion:
Despite numerous predictions of the future price drop of the dollar, Tether yet remains the stable asset to store value. However, the price volatility of USD does not seem to be an important factor in cryptocurrency trading.
If you are looking for virtual currency with good return, USDT can be a profitable option. Since it is issued as a stable coin, buying it as a possible hedge against cryptocurrency is suggested and not considering it as an investment.
