Litecoin [LTC] surpassed by Tether [USDT], now dunked to 8th position



via amb

Today, the ranks in the cryptocurrency market have shifted once again with the famous takeover of Ethereum [ETH] by XRP, Bitcoin Cash [BCH] by Stellar [XLM] and many others throughout the year. Now, it is Litecoin [LTC] whose market cap has been surpassed by the top stable coin, Tether [USDT] after XLM raced LTC earlier this year.

LTC from 7th to 8th position | Source: coinmarketcap

The shift has taken place mainly because the previously standing 7th largest coin, Litecoin experienced a severe plunge in its market cap today, pushing it down by one spot.

LTC 1-day price chart | Source: coinmarketcap

During the day, the market capitalization of the coin touched as high as $1.9 billion but saw a gradual wipeout of more than a million dollars to dive down to $1.7 billion level. At the time of writing, Litecoin is trading at a depreciated price of $30.4 with a market cap of $1.81 billion. The 24-hour trading volume is recorded at $389.8 million.

As for Tether, the stable coin has not seen much change in its figures and owes its victory solely to Litecoin. At the beginning of the 24-hour cycle, the token was trading at $0.9 with a market cap of $1.84. Since then, USDT has been forming fluctuating patterns on the price chart.

USDT 1-day price chart | Source: coinmarketcap

At press time, the cryptocurrency was trading at $1 with a market cap of $1.85 billion. In the past 24 hours, it has seen a growth of merely 0.14% where the total trading volume was recorded at $2.75 billion.