Tether Price Analysis: What to expect right now?
Stable coins are mainly designed to act as a bridge between fiat currency and virtual currencies. Right now, Tether is ranked as a 9th most valuable digital currency. In theory, it is expected to protect the investors and buyers from the high volatility of the cryptocurrency market, since its price is directly associated with the US dollar.
Tether limited, company behind the currency has claimed since the beginning that each Token is backed by one US dollar although the currency has been always controversially provided by charges of lack of transparency and market manipulation.
All the disputes aside, a buyer would ask logically, why to forecast the price of stable coin that is tied with the dollar? Since it will be always worth a dollar. To anyone’s surprise, in the concise history of Tether, the price has fluctuated from 84 cents to $1.22. In addition to it, some crypto forecasters are getting paranoid over its current controversies.
At, UTC 09:08:54, on June 10, 2019, the price of the coin is $1.00 USD, with the loss of 0.20% in the last 24 hours. Market cap for today is $3,247,846,018 USD. Coin’s 24hr volume is of $18,431,525,028 USD, with circulating supply of 3,238,933,772 USDT while total supply is, 3,470,057,493 USDT. Tether is ranked ninth with current Return on Investment of 0.28%.
Tether Price Prediction:
We are looking at the chart for the last five years. For most of the time, this coin has been able to maintain its stability. Last major price variation was in October 2018, with 8% in 5 days.
The several allegations going on have affected the Tethers performance and have shaken the market confidence since then.
From the beginning of the year 2019, things are a bit shaky for Tether. Starting at a price of $1.045 at the start of the year, the price has been varying almost every single day. Mainly because of the controversies it has been facing.
With the major question asked, such as is USDT really has the US dollars capital back and whether it is involved in the market manipulation, crypto analysts and forecasters have a difficult time to predict about this stable coin, if it’s actually a rescuer of uncertainty or destructive force. It is getting mixed response from the holders and Tether team is trying hard to get stable.
With all its allegations that Tether has been playing with legal and illegal things, a lot of confusion about this currency is spread across the market. Although team Tether has been denying its accusations, it has failed to produce any evidence or reports that are in their favor.
This currency has overcome every hard hit. Still, investors remain doubtful and they will so until the controversies around it are resolved.