- Ethereum’s number two spot
- The looming USDT threat
According to Polymarket bettors, Ethereum (ETH) could be on the verge of losing its long-held status as the second-largest cryptocurrency by market capitalization
The latest data shows a 57% probability that the flagship will be “flipped” and lose its number two ranking by the end of the year
Just two months ago, in January, for comparison, the odds of Ethereum losing its spot sat at a mere 14%
HOT Stories
Ethereum Has Nearly 60% Chance of Losing Second Spot
What Moves XRP Price? Ripple CTO Emeritus Breaks Down 3 Factors
Currently, the stablecoin giant Tether (USDT) is the undisputed main candidate poised to overtake the smart contract platform.
Ethereum’s number two spot
Ethereum has never successfully surpassed Bitcoin, but it came remarkably close during the ICO boom of 2017. In June 2017, Ethereum’s market capitalization surged to represent approximately 30% of the entire cryptocurrency market, while Bitcoin’s dominance briefly plummeted below 40%. At its peak, Ethereum’s total value hovered around 80% to 83% of Bitcoin’s, sparking immense “flippening” hype that ultimately faded.
Ethereum has maintained a near-ironclad grip on the second-largest market capitalization for most of its existence since launching in 2015. However, it has faced some challenges
It has actually slipped below second place on a few rare occasions. During the massive altcoin volatility of 2018, XRP, the Ripple-affiliated token, briefly overtook Ethereum in market capitalization multiple times
XRP first pushed Ethereum down to third place in early January 2018, and then repeated the feat later that year
The looming USDT threat
The current threat comes from the mushrooming growth of the Tether (USDT) cryptocurrency
The fiat-pegged stablecoin has ballooned to a massive $184.0 billion valuation.
A scenario where liquidity and stability outrank decentralized computation might end up materializing this year (especially if the current bear market continues to persist)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ETH Breaks Through 2250 USDT
Gate News bot message: Gate market display shows ETH surpassing 2250 USDT, current price 2251.85 USDT.
CryptoRadar13m ago
Ethereum Foundation Sells 5,000 ETH to BitMine, Says Funds Will Be Used for R&D and Ecosystem Expenditures
The Ethereum Foundation announced the sale of 5,000 ETH to publicly listed company BitMine, with the transaction valued at approximately $10.2 million. These funds will be used for core operations. The Foundation is adjusting its treasury management based on its reserve policy and advancing staking strategies to reduce reliance on ETH sales. Community opinions are divided, with some supporting its treasury management practices while others express concerns about token concentration.
区块客18m ago
A Certain Cryptocurrency Trader's ETH 25x Long Position Unrealized Gains Exceed 110%, Changes Trading Style and Begins Active Position Reduction
Gate News reported that on March 16, Hyperinsight monitoring showed that as the market rallied, a certain cryptocurrency trader (codename "Maji") saw unrealized gains on their 25x long ETH position exceed 110%. The trader has changed their operating style from recent months of "continuous rallies with rolling positions all the way down," and has begun taking profits and reducing positions. As of press time, their 25x long ETH holdings have decreased to 7575 coins, with weekly profits reaching $1.26 million.
GateNews20m ago
ETH rises 0.87% in 15 minutes: Large capital inflows and Layer2 ecosystem positive catalysts drive rally
Between 2026-03-16 03:15 and 03:30 (UTC), ETH spot price rose 0.87% within the range of 2180.04 to 2209.64 USDT, with a volatility amplitude of 1.36%. During this period, trading volume and on-chain transfer activity increased significantly, with elevated market attention and intensified short-term fluctuations. Long and short positions engaged in fierce competition, with net capital inflows notably favoring ETH, driving rapid price appreciation.
The primary driver of this price movement was multiple large-scale ETH transfers on-chain and a surge in stablecoin conversion volumes, with major capital inflows into leading exchanges, boosting both spot and derivatives trading activity.
GateNews22m ago
Ethereum Spot ETF Saw Net Inflows of $161 Million Last Week, Achieving Net Inflows for 3 Consecutive Weeks
Last week, Ethereum spot ETFs achieved net inflows of $161 million, marking three consecutive weeks of growth. Fidelity ETF FETH recorded net inflows of $90.17 million, with historical total net inflows reaching $2.38 billion. Grayscale Ethereum Trust experienced net outflows of $13.41 million, with total net outflows reaching $5.14 billion. Spot ETF total assets under management reached $12.26 billion.
GateNews32m ago
Ethereum's "New Cypherpunk" Manifesto: A Return to the Privacy Narrative
The article discusses Ethereum's "new cypherpunk" philosophy, emphasizing privacy, censorship resistance, open source, and security, which reflects that blockchain's original intent was not merely financial speculation but also safeguarding individual digital rights. As technology advances and user needs evolve, privacy technology may become a new core narrative in the crypto industry, driving cultural evolution in the Web3 era.
PANews33m ago
