Tether (USDT) again outperformed XRP by market cap.
According to data from CoinMarketCap, USDT has surpassed $ 13.4 billion in market capitalization, while XRP stands at 13.1.
With rare exceptions, for the last 12 months the market capitalization of XRP has always been below $ 13.5 billion, and today it is even lower than in mid-August, when it rose to $ 14.5 billion.
This is completely different for USDT, which a year ago had a market capitalization of just $ 4 billion.
In April 2020 it exceeded $ 6 billion for the first time, and in mid-May it exceeded $ 8 billion.
At the end of June, it surpassed $ 10 billion, beating XRP for the first time, but over the next several weeks, XRP regained its third position.
However, as of August 31, USDT's market capitalization increased to more than $ 13 billion, and today it is 13.4 billion.
However, it must be said that USDT is very different from both XRP and the two cryptocurrencies that surpass it by market capitalization, namely Ether (ETH) and, most importantly, Bitcoin (BTC).
USDT is nothing more than a token issued on different blockchains that represent a fiat currency, that is, the US dollar.
So, strictly speaking, it is not a cryptocurrency, both because it is a token and because on a financial level its value is equivalent to that of a fiat currency.
In other words, USDT does not compete with XRP, ETH, or BTC, even though it is responsible for most of the transactions that take place on the Ethereum blockchain.
Its market capitalization can be expected to grow even further, while XRP growth, for example, is less certain.
Ripple's cryptocurrency may not even see a further significant increase in its market capitalization in the coming months, while in the case of USDT this assumption remains much more likely.
Finally, while some analysts predict that in the long term, Tether may end up outperforming even Ether for long-term market capitalization, ETH is still a long way off at $ 52 billion, which could grow even more in the coming months.