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Cryptocurrency data tracker Coingecko suggests that the Stablecoin economy has been bleeding in terms of market capitalization in the last 58 days. While few major stablecoins recorded a rise, most of the top ten coins shed market cap in the last 58 days.
In the last 40 days, USDT , USDC , and BUSD lost their market value among other cryptocurrencies resulting in the surge of the Crypto king Bitcoin and several other top leading altcoins. Hence investors can see huge demand in AI altcoins in present scenario.
The Stablecoin basket’s market capitalization has lost $4 billion since December 15th. On December 15 last year, the market capitalization was around $147 billion and on February 10, it was down to $137.7 billion. Three of the top ten stablecoins saw a reduction in market cap in the last three months.
USDT: The most well performing stablecoin among several other stablecoins, At press time, the market cap of the largest stablecoin by market cap was around $68 billion, up by ~$3 billion from $65.9 billion two months ago. Its trading volume is around $64 billion which is the highest since January 15 ($67 billion).
FRAX market cap rose by 0.24% or by $2 million since December 15. At the time of writing, it is around $1 billion. This particular algorithmic stablecoin with some of its supply is backed by collateral and few parts of the supply are algorithmic which is questionable. After the disastrous event of Terra UST.
USDC: The USD Coin or USDC saw a reduction in market capitalization by approx $4 billion. It is the second largest stablecoin by market cap. Trading volume stands at around $3.8 billion.
BUSD: The stablecoin issued by the largest cryptocurrency exchange shed nearly $2 billion which is a 13% drop. Since January, it has shed about 3% from its market cap. It is issued as an ERC-20 token and its stability is melded with blockchain technology.
DAI: the Ethereum based MakerDAO’s stablecoin lost nearly 1.1% in the said period. Its price is soft-pegged to the US dollar and is collateralized by a mix of several crypto coins.
USDP: Pax Dollar is a fiat-collateralized stablecoin and rose by 5.1% in the aforementioned period. Since the beginning of 2023, its market cap has lost nearly $100 million.
GUSD: Gemini dollar is an ERC-20 token that is built on Ethereum network and had a market cap worth $591 million 2 months ago and has witnessed a loss of $20 million since then.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
