Ether's price dropped to its yearly low of $1,510 on Coinbase, causing its market cap to plunge 5.2% in 24 hours to $185 billion, briefly surpassed by Tether's USDT at $186 billion. Ether later recovered to $189.1 billion, reclaiming the second spot. The event highlights increased demand for stablecoins during market turbulence.
According to a report by Cointelegraph, Ether (ETH) fell to its lowest price of the year, triggering a temporary shift in cryptocurrency market cap rankings. Within 24 hours, Ether's market capitalization dropped by 5.2% to $185 billion, and its price on Coinbase hit a yearly low of $1,510. Meanwhile, the market cap of Tether's USDT stablecoin held steady at $186 billion, briefly surpassing Ether to become the second-largest cryptocurrency by market cap.
Data from Coingecko shows that Ether's market cap swiftly rebounded to $189.1 billion, regaining the lead over USDT ($186 billion). This temporary overtaking reflects a surge in demand for stablecoins as a safe haven during extreme market volatility. Although Ether's price recovered, the formation of a yearly low has heightened investor attention on potential further downside.
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