Stablecoin Market Cap Reaches New High of $221.86 Billion
Stablecoins are showing potential to drive the crypto market forward despite a pause in the current bull run. Analyst Burak Kesmeci reported that stablecoins have surpassed their all-time high market cap, reaching $202 billion.
Key Highlights
- Stablecoin market cap increased by 65% from a local low of $123 billion in October 2023.
- Current market cap exceeds previous high of $202 billion recorded in August 2022.
- Market dominance of stablecoins declined by 7.91% compared to Bitcoin and Ethereum.
- Stablecoins provide liquidity for traders, often used during market uncertainty.
- Current liquidity surge is insufficient to reignite the bull run; exchange inflows remain weak.
- Improvement in investor risk appetite may occur with lower interest rates and increased quantitative easing.
Stablecoin Market Overview
- Tether’s USDT leads the market with a cap of $139 billion.
- Circle's USDC holds second place at $59 billion, gaining 10% in the past month.
- Ethana's USDE ranks third with a market value of $5.7 billion, surpassing DAI.
- Total stablecoin market valued at $221.86 billion, up 0.28% in the last day.
- Daily trading volume decreased by 29.93%, currently at $129.23 billion.
- Stablecoins constitute 6.13% of the total crypto market.
