Stablecoin market cap surpasses $200B as USDC dominance rises
The stablecoin market cap has reached a record high, surpassing $200 billion, a significant increase from $121.18 billion in August 2023. Notably, USDC has seen a dramatic rise in its market cap, growing over 120% since November 2023, now valued at $53.4 billion. Its dominance in the stablecoin market has climbed to 24.6%. This growth follows a decline in USDC's value in 2023, when it dropped as much as 45%. Conversely, USDT remains the largest stablecoin with a market cap of $139.4 billion, holding a 63.84% market dominance. Analysts indicate that if USDC's dominance continues to rise, it could signal increased risk aversion in the crypto market. The overall stablecoin growth might suggest bullish momentum for the crypto market, contingent on stablecoin facilities being utilized for investments as capital inflows could continue. The data reflects the trends and dynamics within the stablecoin sector, suggesting a possible peak as crypto prices fluctuate, underscoring the interconnectedness between stablecoin market capitalization and wider cryptocurrency performance.
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