The top leaders of the stablecoin market have minted coins worth millions as the volume of these blockchain-based products continues to grow; according to the available data over the past 7 days, a fresh $2.43 billion stablecoin has been added to the broader market.
Available data in DefiLlama says that Tether still stands at the top of the list with the highest market cap of $142.59 billion, up by roughly 0.50% intraday.
USDT’s dominance over the Stablecoin market continues to grow
With around 60% dominance over the stablecoin market, the grip of USDT continues to strengthen over the broader crypto market; as per the data from TradingView, Tether is dominating 5.55% of the crypto market, and its dominance over the market grew by 8.81% in the past seven days and 21.57%.
Yet Tether’s market cap has remained steady with a surge of 3.01% in a quarter and is up by 20% in the past 6 months. The growing popularity of crypto has fueled the demand for stablecoins, as these coins have made the buying and selling crypto easier by offering a swapping mechanism.
Also, stablecoins have been used mainly in cross-border payments, with USDT being one of traders’ preferred choices.
USDC, the most potential competitor of USDT, is USDC, whose capitalization is up by 4% in a week and around 41.99% in the past three months. Currently, the market cap of USDC is $57.86 billion.
Till publishing, the market dominance of USDC was 2.24%, with a growth of 10% in a week, and is up by 23.16%; the current dominance is far above its 20, 50, 100, and 200-day exponential moving average.
The stablecoin market cap is $226.797; however, data available on CoinMarketCap notes that Amnis Aptos Coin is the stablecoin with the highest trading price of $5.49, followed Edelcoin, Savings Dai, USDJ, VNX Swiss, and Moola Celo.
Crypto price updates
The crypto market cap is down by 12% in a week and around 5% in the past 24 hours; to writing, it was $2.67 trillion. Similarly, the fear and greed index is at 15, determining extreme fear due to the skyrocketing bears’ control.
Bitcoin is currently below $82k and is trading at $80,978, it has continued to fall and is below its 50, 100, and 200-day exponential moving average, and Ethereum is also trading in losses, falling below the $2,000 mark and trading at $1,890.
Superintelligence Alliance has ruled the intraday loser list, which is trading at $0.4598 with a decline of 13.21%, followed by Lido DAO, UniSwap, Ethena, and Chainlink. Jupiter, Jasmycoin, Artificial Superintelligence Alliance, Kaspa, PI, and Pyth Networks are some major weekly losers.
