The report has cited Tether’s market capitalisation as the reason behind Bitcoin (BTC)’s own appreciation. Bloomberg explained that interest in digital links to the dollar captures an urge to “transact and store value in the world’s reserve currency without an intermediary.”
USDT has recently pulled ahead of XRP (XRP) as the third largest cryptocurrency in terms of market cap, with Ether coming second in the pecking order. Bloomberg now believes Tether is on its way to surpass Ethereum, describing the development as “a matter of time.”
Specifically, the company cited Tether’s relation to the US dollar as the reason why USDT’s value has increased steadily. The report also outlined an overreliance from ETH on Bitcoin and specifically stated that:
“We see little upside in the ETH price absent a rising tide from Bitcoin. The pre-eminent crypto is breaking away from the pack in terms of adoption and is supported by almost-ideal macroeconomic conditions for stores-of-value amid quantitative easing.”
The US dollar continues to buoy up the value of currencies around the world, allowing cryptocurrencies such as the USDT to also benefit. Meanwhile, USDT has become one of the go-to solutions for individuals in online gambling.
Eliminated sudden price fluctuations, USDT allows players to benefit from a stable and secure gaming token. Players today can join several great casinos that offer USDT as an available payment method.
You can claim bonuses at Bitcasino and BitStarz or play at mBitCasino which recently broke off all ties with FIAT currencies, focusing on an exclusive crypto gambling experience instead. If you are still interested in Ethereum gambling, you can visit our guide on the top ETH casinos for 2020.