XRP (Ripple) recovered $170 billion in market capitalization, surpassing Tether (USDT) and retaking the third place in the overall market capitalization of the virtual asset market.
Among virtual asset investors, expectations for the market are growing because Altcoin’s performance tends to be good when XRP exceeds USDT’s market capitalization.
According to Trading View on the 4th, XRP’s market capitalization reached $170 billion.
This is above USDT’s market capitalization of $168.1 billion.
XRP and USDT are ranked third and fourth this year, with their market capitalization falling behind.
Interestingly, Altcoin’s performance tended to be good when it exceeded the market capitalization of XRP and USDT.
The market capitalization of stablecoins, which represents the size of the entire virtual asset market, has always increased in history.
XRP’s market capitalization sometimes moves depending on individual coin issues, but in the long run, it tends to capitalize on the entire altcoin flow.
Therefore, it is analyzed that when Altcoin outperforms the overall market growth, the market capitalization of XRP exceeds that of USDT.
However, the transaction value of the Korean virtual asset market is weak.
According to CoinGecko on the 4th, the daily transaction value of the country’s top five virtual asset exchanges (Upbit, Bithumb, Coinone, Cobbit, and Gopax) was $2.845.38 billion as of the 3rd.
This is a sharp 74.43% drop from $11.12797 million on July 24, when the daily trading volume was the highest in the second half of the year.
At the end of July, while bitcoin slowed down after renewing its high point, Altcoin showed an increase in transaction value in the domestic virtual asset market as it rose.
However, domestic virtual asset transactions have been rapidly decreasing due to the recent slowdown in the virtual asset market as a whole.
American Bitcoin, founded by U.S. President Donald Trump’s second son Eric Trump, rose 16% on the first day of his Nasdaq debut.
American Bitcoin began trading on the Nasdaq on the 3rd (local time) under the ticker ABTC.
It started trading at $6.9 and rose 102.89% to $14 during the trading session, but returned the gains and closed 16.52% higher at $8.04.
American Bitcoin is a company launched by President Trump’s second son Eric Trump in March by acquiring and merging the bitcoin mining sector of virtual asset infrastructure company “HUT 8.”
It went public on Nasdaq through a merger with mining company Gryphon Digital.
Major shareholders, including Eric Trump, Donald Trump Jr., and Bitcoin mining company Hut 8, have secured about 98% of the total stake.
The company benchmarks Strategy’s Bitcoin Treasure model.
