As the Bitcoin price is seemingly intent on trending lower over the next few hours and days, there will be other markets reaping the benefits. Altcoins need to rise up in value to thwart Bitcoin’s gravitational pull. Most projects fail spectacularly in this regard, but there are always some exceptions to take note of.
Tether is up Slightly
Perhaps the most interesting market to watch during this ongoing Bitcoin debacle is none other than Tether. It is the most popular stablecoin of them all, and one that seemingly dictates the price momentum for Bitcoin. Interestingly enough, every USDT is now worth more than $1, as the current value sits at $1.03 following a 2.18% increase over the past 24 hours. It seems likely to assume this value will drop to $1 again fairly soon, though.
Another stablecoin reaping the benefits from Bitcoin’s price stability is PAX, or Paxos Standard. It too noted a 1.17% increase today, pushing its value to $1.02. Given the current price fluctuations for Bitcoin and other top currencies, it is not unlikely this trend will remain in place. Paxos also seems to note a hefty increase in volume lately, which might be indicative of things to come.
The third stablecoin effectively surpassing its market value is TrueUSD, or TUSD. With a current price of $1.02 following a 1% increase in value, it is evident stablecoins are well worth keeping an eye on during periods of extreme and unexpected volatility. Although TUSD is far less liquid, its trading volume is on par to hit $1bn at this rate. A very impressive feat of strength, to say the very least.
Although not too much is known about the purpose of MonaCoin outside of Japan, it can make for a rather promising investment vehicle every now and then. It successfully bucks Bitcoin’s price trend and notes a solid 2% gain on the day. Although the hourly chart doesn’t look overly promising at this time, it is possible the small gain will be sustained for a little while longer.
Not entirely surprising, but the one Euro-based stablecoin in the crypto market cap top 100 is also on the rise. Although its current gain is well over 2%, one has to keep in mind its overall volume is just 3% of the project’s market cap. That makes it, by default, more susceptible to price changes, either for better or worse. Today is certainly a good day for stablecoins, albeit things may look very different when tomorrow comes around.