Amid cryptocurrency carnage, when all major currencies from bitcoin, ethereum, ripple followed a downward spiral, there is one digital currency that withstood the pressure like it has been doing on a usual day. Tether hit a high of $1.05 while the lowest level was $0.999 on Wednesday. The virtual currency market across the world was rattled on Tuesday evening in the Western nations, while the plunge continued on Wednesday as bitcoins lost as much as 18 percent to a four-week low, on fears of a regulatory crackdown, after reports suggested that South Korea could ban trading in cryptocurrencies.
Five Things To Know About Tether As It Stays Rock Strong
1. Tether trades at $1.04, higher by 2.24% against the previous session's closing. Almost every day, the digital currency closes above $1.
2. The cryptocurrency is relatively stable as the last time the currency fell below $1 in the closing hours was on January 5 when it had declined to $0.99864. The figure signifies the average price of cryptocurrency in the stock markets across the world.
3. In December 2017, Tether was ranked around the 25 highest market capitalization cryptocurrency in the world, with a market cap around $1 billion United States dollars as of December 16, 2017, as per the Coinmarket cap data.
4. Considering the high value of tether, the interest in the digital currency rose around 50% in one day. On January 15, when the volume stayed around $2.5 billion, it rose to $5.5 billion on January 16.
5. Tether is an unregulated cryptocurrency token that was issued on the bitcoin blockchain (before transitioning to the Litecoin blockchain) through the Omni Layer Protocol. According to Tether Limited, each unit of Tether is backed by one US dollar held in reserve.
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