Significant events in the cryptocurrency sector occurred in September with regard to stablecoins. According to researcher CCData, one notable pattern was the stablecoin market capitalization’s 18th consecutive month of decline, which culminated in a new low of $124 billion, evoking memories of September 2021. For August 2021, that is the lowest amount. In December, the sector was worth $137 billion.
The Federal Open Market Committee (FOMC) meeting and the notification of the FTX asset liquidation have caused periodic instability, but overall, the cryptocurrency market has shown strength by rebounding swiftly and stabilizing.
Stablecoins, also known as “pegged” or “linked” cryptocurrencies, have their value set in relation to that of a traditional currency, commodity, or financial instrument. The significant volatility of the most well-known cryptocurrencies, such as Bitcoin (BTC), has rendered cryptocurrency investments less appropriate for everyday transactions. Stablecoins seek to offer an alternative.
USDT And DAI Record Gains Amid Crypto Market Pressures
Two well-known stablecoin assets, Tether (USDT) and DAI, have shown modest gains despite the downtrends that have engulfed the entire market. The market capitalization of the USDT stablecoin has increased by $334 million, indicating a 0.4% monthly rise, while maintaining its dominant position with a 67.2% lion’s share.
The growing demand for Tether on cryptocurrency exchanges is one factor contributing to its increase. According to an investigation earlier this week, there is now 24.7% of USDT on exchanges, up from 17.6%.
Stablecoin trading volume on centralized exchanges, such as Coinbase Global Inc., decreased by 28% to $331 billion in September. Since July 2020, this decrease signifies the lowest monthly total.
Total crypto market cap at $1.07 trillion on the weekly chart: TradingView.com
Stablecoin: Thriving Amid Crypto Market Woes in 2022
The numerous scandals and bankruptcies in 2022 have contributed to a general trend o
Go to Source to See Full Article
Author: Yuna Rin
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
