Ethereum Loses Second Place to USDT as Bitcoin Crashes Below $60,000

According to Bitcoinist, Ethereum's market cap briefly fell below Tether's USDT last week following Bitcoin's crash below $60,000. ETH dropped toward $1,500 in the same candle, while USDT's market cap remained above $186 billion, causing the stablecoin to momentarily overtake Ethereum's second-place ranking by market cap for the first time in a long period.

Ethereum reclaimed its position shortly after, as Bitcoin rebounded to $62,000 and ETH recovered above $1,600. However, the gap between the two assets has narrowed significantly, with less than $15 billion separating their market caps, reflecting increased market pressure on Ethereum.