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Tether, the dollar-pegged stablecoin, has surpassed Ether in market capitalization as $ETH prices fall to the $1,500 level — a threshold the asset last visited in October 2023 and again in April 2025.
The milestone reshuffles the market-cap rankings at a moment when Ether is back at what chart-watchers have historically treated as long-term support.
What the Flip Actually Measures State the mechanism before the narrative: Tether did not surge. A stablecoin's market cap is a near-fixed number — it reflects outstanding tokens priced at a dollar.
Ether's market cap is price multiplied by circulating supply, which compresses quickly when the price routes.
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