Stablecoin Market Surges Past $177B, Reaches New ATH
The post Stablecoin Market Surges Past $177B, Reaches New ATH appeared on BitcoinEthereumNews.com.
The stablecoin market has recorded a new all-time high of $177 billion, surging past the previous high. The market has seen rapid growth in the past 11 consecutive months. Tether’s USDT leads the pack, while USDC and DAI follow close behind. The stablecoin market is booming, reaching a new all-time high of $177 billion. This marks 11 consecutive months of growth, shattering the previous record set in March 2022. Tether (USDT) is leading the pack, with its market cap surpassing $118 billion. This surge in stablecoin adoption suggests growing interest in less volatile crypto assets, even as the broader crypto market experiences fluctuations. CoinMarketCap data reveals a substantial increase in stablecoin trading volume, currently at $82.75 billion, up 34%. This growth comes as Bitcoin’s price recently dipped below $60,000, contributing to a 6.5% drop in the total crypto market cap to $2.179 trillion. Stablecoins are cryptocurrencies designed to maintain a stable value, usually pegged to fiat currencies or commodities like gold. They offer a less volatile alternative to cryptocurrencies like Bitcoin. When the stablecoin market broke the $167 billion record and hit $168 billion recently, DeFi and crypto analyst Patrick Scott took to X (formerly Twitter) to share his excitement. He said, “New money is entering crypto.” And just like that, we’re at a new all-time high. Total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022. New money is entering crypto. pic.twitter.com/xi25HLWlPr — Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) August 25, 2024 Tether’s USDT token holds the top spot in the stablecoin market with a market cap of $118,073,550,971. The stablecoin’s 24-hour trading volume has seen a remarkable 32.6% increase, currently at $69.15 billion. Backed by the US dollar, USDT remains stable at $1.00. Circle’s USDC holds the…
Filed under: News - @ August 28, 2024 10:19 am