Digital currencies—unregulated, digital forms of money—are typically issued and managed by developers and accepted within specific virtual communities. The European Banking Authority defines them as "a digital representation of value, not issued by central banks or authorities, nor pegged to fiat currency, but accepted by the public as a means of payment, transfer, or trade in electronic form."
2020 Cryptocurrency Market Overview: Circulating Supply, Market Cap, and Prices
| Cryptocurrency | Circulating Supply (Millions) | Market Cap (USD Billion) | Price (USD) |
|----------------|-------------------------------|--------------------------|-------------|
| Bitcoin (BTC) | 1,869 | 1,013.91 | 54,258.80 |
| Ethereum (ETH) | 11,554 | 239.39 | 2,071.91 |
| Binance Coin (BNB) | 15,453 | 74.72 | 483.85 |
| XRP | 4,601,289 | 56.41 | 1.22 |
| Dogecoin (DOGE) | 12,925,196 | 48.98 | 0.38 |
| Tether (USDT) | 4,880,200 | 484.68 | 0.99 |
| Cardano (ADA) | 3,204,222 | 36.59 | 1.14 |
| Polkadot (DOT) | 98,582 | 32.41 | 32.81 |
| Litecoin (LTC) | 6,675 | 16.31 | 242.83 |
Key Takeaways:
- Tether (USDT) leads in circulating supply (4.88 trillion) and ranks second in market cap ($484.68 billion), closely trailing Bitcoin.
- Bitcoin remains the highest-valued cryptocurrency per unit ($54,258.80), while Dogecoin and XRP show significantly lower prices but substantial circulating volumes.
Virtual Currency Platform Insights (2020)
- OKX (formerly OKEx) reported the highest platform assets at $983.5 billion.
- Binance followed with $15.98 billion in assets under management.
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FAQs
1. Why does Tether (USDT) have such a high circulating supply?
Tether is a stablecoin pegged 1:1 to the US dollar, primarily used for trading and liquidity across exchanges. Its high supply reflects demand for a stable medium in volatile crypto markets.
2. How does Tether’s market cap compare to Bitcoin’s?
While Bitcoin’s market cap exceeds $1 trillion, Tether’s $484.68 billion valuation stems from its massive circulating supply, not price appreciation.
3. Which factors influence cryptocurrency prices?
Prices hinge on adoption rates, regulatory news, technological upgrades (e.g., Ethereum’s shift to Proof-of-Stake), and macroeconomic trends like inflation hedging.
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Industry Trends
- Stablecoins like USDT dominate transactional volume due to lower volatility.
- DeFi (Decentralized Finance) platforms increasingly rely on Tether for liquidity pools.
Data sourced from public financial reports and aggregated market analyses.
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