THE price of Tether has remained stable after soaring to a 2021 high in mid-April.
The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
However, keen investors should know that cryptocurrencies are volatile, and you risk losing all your money.
In other words, don’t invest more than you can afford to lose, or into anything you don’t understand.
There’s scant regulation for cryptocurrency firms, meaning you’ll have no protection if and when things go wrong.
What’s the price of Tether?
The Tether price is currently sitting at $1 – and it’s unchanged over the past 24 hours, according to CoinMarketCap.
In comparison, it hit its lowest ever value on April 23 in 2017 when it dropped to $0.9213.
Tether hit its highest ever price in December 2017 when it rose to $1.0413.
Its highest value so far in 2021 is $1.0202, which it briefly increased to in April.
Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.
She told The Sun: “It has also been criticised for a lack of transparency, has had to settle US lawsuits and trading in the currency is banned in the state of New York.”
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
USDT forecast for 2022, 2023 and 2024
Given its aim to remain stable, Tether rarely moves very far away from a value of $1.
It means that it isn’t really a cryptocurrency to invest in, but instead a way to trade cryptocurrencies within the crypto ecosystem, Charlie Barton, investment specialist at comparison site Finder, said.
For example, investors who day trade crypto may want to hold it in their wallets as a store of value between trading sessions.
Going forward, DigitalCoinPrice expects the crypto to hit $1.47 in 2021, $1.71 in 2022, $2.10 in 2023 and $2.48 in 2024.
In contrast, TradingBeasts has forecast an average price of $1.2786572 in December 2021, $1.2785490 in 2022, 1.2780248 in 2023 and 1.2768635 in 2024.
Meanwhile, WalletInvestor has set a one-year forecast of $1 – but it hasn’t made any predictions in other future years.
As always, take the forecasts with a pinch of salt as they’re nowhere near guaranteed.
For price predictions of other cryptos, check out our guides on XRP, Cardano, Dogecoin, Baby Doge and Ethereum.
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