Tethers marketcap has hit an new all time high of over $85bn

According to coinmarketcap, Tether's market cap just jumped $0.5bn in the last day, taking it to a new all time high of $85bn+

It is now apparently the third largest crypto by market cap with the vast majority of its volume stemming from Binance.

In just 3.5 years Tethers market cap has rocketed from just $4.64bn at the end of March 2020 to over $85bn today (+1700%).

The next closest in 4th position by m/cap is Binance's own token BNB at $34.57bn which has seen its own marketcap rocket from $6.55bn from Jan 2021 to $34.56bm today (+420%).

These figures are despite Binance facing it's toughest global regulatory clampdowns for many years.

If we compare this against the rest of the top ten....

Bitcoin (1st) end of September 2020 it's market cap increased from $199bn to $671bn today (+237%)

Ethereum (2nd), $64bn in December 20 to $216bn today (+237%).

Tether (3rd) 4.64bn aMarch 2020 to $85bn today (+1700%)

BNB (4th) $6.55bn from Jan 2021 to $34.56bm today (+420%).

XRP (5th) $11.55bn in Nov 20 to $32.67bn today (+182%).

USDC (6th) $3.24bn in Dec 2020 to $24.49bn today (+655%).

This is another stable coin like tether that's supposed to be backed by dollar reserves like Tether. Again volumes going through Binance are hugely disproportionate to other exchanges.

Solana (7th) $1.6bn Feb 21 to $16.6bn today (+937%).

Cardano (8th) $5bn Dec 20 to $11.26bn today (+125%)

Dogecoin (9th) $1.13bn Jan 21 to $9.57 today (+746%)

Tron (10th) 1.82bn Nov 20 to $8.68bn today (+376%).

Conclusion

The +1700% increase of Tethers market cap compared the rest of the top ten is vastly significant and therefore I'd suggest questionable. Most of its volume appears to be going through Binance.

Questions over tether and it's backing are long standing. Out of the whole industry Tether and it's reserves need to face tougher scrutiny by regulators and government before it's too late. This is one stablecoin that could destabilise and corrupt the full crypto market.

I believe all fiat based stablecoins should be clearly and verifiably backed 1:1 only by actual fiat currency cash accounts held at major regulated financial institutions and insuranced in their entirety before being allowed to be listed on crypto exchanges in order to safeguard the rest of the Crypto markets/ industry.

Nb: Values rounded/ approx with selected/ variable date ranges deliberate to coincide with significant the upticks in market cap when analyzing each graph. All date ranges are within months.