The post Stablecoins Trading Volume Surges Leading to Possible Record Highs in 2024 According to CCData Report appeared on BitcoinEthereumNews.com.

Stablecoins have emerged as a focal point in the crypto market, with trading volumes surging dramatically as we approach the end of 2023. The increase in stablecoin activity is largely driven by renewed institutional interest and market diversification strategies, leading to a record monthly performance. “The surge in demand for stablecoins indicates a strengthening trust in digital assets, aligning with broader market trends,” stated a CCData analyst. Stablecoins trading volume surged 77.5% in November, hitting $1.81 trillion, signaling heightened institutional confidence in the crypto market. Stablecoins Trading Volume Hits Record Levels in November 2023 The latest data reveals that stablecoins trading volume increased by a striking 77.5%, reaching $1.81 trillion as of November 25, 2023. This notable growth places the monthly figures on centralized exchanges on a trajectory to achieve the highest trading volumes seen this year. The significant uptick in stablecoin transactions underscores a robust interest from institutional investors and reflects an overall positive sentiment in the digital assets industry. Market Capitalization Breaks Previous Records As of November, the total stablecoin market capitalization climbed by 9.94%, achieving $190 billion—a milestone that surpasses the previous record set in April 2022. Notably, this resurgence comes despite a slight decline in market dominance, which fell from 7.22% to 5.54% as traders increasingly diversified their portfolios into Bitcoin (BTC) and various altcoins. This shift reflects ongoing trends in the crypto landscape where investors are seeking not just stability but also potential growth opportunities. Individual Performance of Leading Stablecoins Tether (USDT) continues its dominance in the market, expanding its market capitalization by 10.5% to $133 billion, representing 69.9% of the overall stablecoin market. Meanwhile, Circle’s USD Coin (USDC) also experienced a noteworthy increase, with market capitalization growing by 12.1% to reach $38.9 billion, marking its highest valuation since February 2023. This growth reinforces the…

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Filed under: News - @ November 27, 2024 9:26 pm