Stablecoin Economy Continues to Cut Losses by Almost 5% in 2 Months – Altcoins Bitcoin News

Over the past month, the market capitalization of all existing stablecoins has fallen by more than 2%, losing around $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, has seen its market cap drop by more than 5% in the past 30 days. Tether’s market capitalization has fallen from $69.13 billion last month to $65.48 billion today.

Stablecoin Economy Falls, Market Cap Loses 5%

Statistics show that the market valuation of the stablecoin economy has decreased by around 2.02% in the last 30 days. On October 31, 2022, the stablecoin economy was valued at $147.03 billion and today it has fallen to $144.05 billion.

Additionally, the market cap of all existing stablecoins is much lower than it was two months ago, with the market cap dropping by 4.83% from $151.37 billion to the current total of $144 billion. The data indicates that in the past month, tether (USDT) saw its market capitalization fall by more than 5%, from $69.13 billion to the current $65.48 billion.

Stablecoin Economy Continues to Cut Losses by Almost 5% in 2 Months

However, the second largest stablecoin by market capitalization, the usd coin (USDC) has seen its market valuation increase over the past 30 days, jumping around 1.5% higher. The valuation of the BUSD stablecoin continues to grow month after month, and in the last 30 days it has increased by 4.8%. Of the top five stablecoins today, the market capitalization of BUSD has grown the most over the past month.

Stablecoin Economy Continues to Cut Losses by Almost 5% in 2 Months

Makerdao’s DAI stablecoin lost 9.7% last month and the stablecoin’s market capitalization was the biggest loser among the top ten dollar-pegged crypto tokens. On October 31, DAI’s market capitalization was approximately $5.77 billion and today it stands at $5.20 billion. With tether and DAI leading the losses over the past month out of the top ten stablecoins, frax (FRAX) followed behind both tokens losing around 3.1% over the past month.

Stablecoin trading volume has dropped significantly over the past two months, but the tokens still make up the majority of current trading. For example, on September 27, 2022, stablecoins captured $205 billion out of the $225 billion in global transactions. On Oct. 31, stablecoins saw $55.91 billion in trade out of the total global crypto trade volume ($71 billion).

In the past 24 hours, stablecoins have captured $37.73 billion, and the total trading volume between all existing crypto coins today is around $46.56 billion. This means that of the $46 billion in trade between all crypto assets, stablecoins account for 81.04% of that trade.

Keywords in this story

BUSD, Circle, Crypto Trade Volume, DAI, dollar pegged crypto tokens, FRAX, makerdao, Makerdao’s DAI, Paxos, Stablecoin, stablecoin asset, Stablecoin Economy, stablecoin trade volume, Stablecoins, Tether, Tether stablecoin, Tether’s USDT, top five stablecoins, top ten stablecoins, Tron stablecoin, trueusd, tusd, usd coin, USDC, USDD, USDP, USDT

What do you think of the state of the stablecoin market today? What do you think of the decline in the valuation of the stablecoin economy by nearly 5% in the past two months? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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