According to reports, XRP (Ripple) has regained its market cap of $170 billion, surpassing Tether (USDT) and reclaiming the 3rd spot in the overall cryptocurrency market capitalization. Among cryptocurrency investors, there is growing optimism in the market as XRP exceeds USDT’s market cap, a trend that historically aligns with strong performance in altcoins.
On September 4, TradingView reported that XRP’s market capitalization reached $170 billion, surpassing USDT’s $168.1 billion. Throughout the year, XRP and USDT have been in close competition for the 3rd and 4th positions in market cap rankings. It’s noted that when XRP surpasses USDT in market cap, it often coincides with positive altcoin performance.
The market cap of stablecoins, representative of the entire cryptocurrency market’s economic scale, has historically increased. While XRP’s market cap can fluctuate due to individual coin issues, in the long-term trend, it aligns with the broader altcoin market movement. This suggests that XRP’s market cap surpassing USDT’s occurs when altcoins outperform the overall market growth.
However, South Korea’s cryptocurrency market trading volume is declining. As of September 3, the daily trading volume of the top five domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) was $2.84538 billion. This marks a 74.43% drop from July 24, when daily trading volume hit its peak for the second half of the year at $11.12797 billion. Although there was an increase in trading volume at the end of July due to surges in altcoins after Bitcoin’s peak, recent overall stagnation in the cryptocurrency market has led to a rapid decline in trading volume.
Meanwhile, American Bitcoin, founded by Donald Trump’s son Eric Trump, saw a 16% increase on its debut on the Nasdaq. On September 3, American Bitcoin began trading on Nasdaq with the ticker ABTC. It started trading at $6.9 and, at one point, surged to $14, up 102.89%, before closing with a 16.52% increase at $8.04. This company was launched in March when Eric Trump acquired and merged the Bitcoin mining sector of the cryptocurrency infrastructure company Hut 8. It went public on Nasdaq through a merger with Gryphon Digital Mining. Major shareholders, including Eric Trump, Donald Trump Jr., and the Bitcoin mining firm Hut 8, hold about 98% of the total shares. This company benchmarks the Bitcoin treasury model of Strategy.