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Thursday, February 29, 2024
More
    bitcoin
    Bitcoin (BTC) $ 62,805.83
    ethereum
    Ethereum (ETH) $ 3,474.77
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 415.87
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.594212
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.128547
    cardano
    Cardano (ADA) $ 0.684428
    solana
    Solana (SOL) $ 125.70
    matic-network
    Polygon (MATIC) $ 1.04
    polkadot
    Polkadot (DOT) $ 8.63
    tron
    TRON (TRX) $ 0.143694

    Stablecoin Market Rebounds — $5.48 Billion Progress in 22 Days

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    Over the previous few weeks, the market worth of main stablecoins has skilled a notable improve. The economic system of those fiat-pegged tokens expanded from $123.66 billion to the current $129.14 billion. This substantial development of virtually $6 billion comes after the stablecoin trade shed tens of billions within the final 12 months. Notably, tokens equivalent to BUSD, USDP, and USDC recorded appreciable redemptions over the previous 12 months.

    Stablecoins Expertise Multi-Billion-Greenback Market Enlargement in Three Weeks

    Latest knowledge signifies that from November 2 to November 24, 2023, spanning 22 days, the stablecoin market expanded by $5.48 billion. Over the earlier 24 hours, fiat-pegged cryptocurrencies achieved a buying and selling quantity of $50.74 billion, in distinction to the worldwide complete buying and selling quantity of $88.65 billion.

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    The metrics present stablecoin swaps represent 57.23% of the general buying and selling quantity worldwide. Tether (USDT) leads with a market worth of $88.59 billion, comprising 68.59% of the overall $129.14 billion market capitalization and accounting for five.93% of your entire $1.4 trillion crypto economic system.

    Within the final 22 days, USDT’s market cap has elevated by 4.24%. Usd coin (USDC) additionally skilled a modest development since November 2, with its market cap rising 0.81% from $24.5 billion to the current $24.7 billion.

    DAI’s market worth has risen by 43.2%, whereas trueusd’s (TUSD) provide has decreased by 5.38% since November 2. BUSD has been declining all year long following Paxos’s resolution to cease minting BUSD.

    Twenty-two days in the past, BUSD’s market cap was at $1.95 billion, which has now fallen to $1.74 billion, a ten.76% drop. The newcomer first digital usd (FDUSD) has seen its market worth improve from $590 million to $733 million, marking a 24.23% rise.

    See also  Institutional Buyers That Obtained This Altcoin 10 Days In the past Began Transferring It To Central Exchanges

    Tron’s USDD fell barely from $725 million, down by 0.82% to the present $719 million. Frax Greenback (FRAX) additionally noticed a slight lower of 0.44%, going from $671 million to $668 million in the identical interval.

    Paxos, which helps the issuance of Paypal’s PYUSD, noticed a 1.10% discount within the provide of pax greenback (USDP) from $453 million to $448 million. The tenth-largest stablecoin by market worth, liquity usd (LUSD), skilled a drop in its provide from $220 million to $205 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained comparatively unchanged.

    What do you consider the stablecoin market’s development over the previous three weeks? Share your ideas and opinions about this topic within the feedback part under.

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