Over the past few quarters, the trading market cap of stablecoins has been enjoying new heights, and USDT and USDC have been topping the list with a significant market cap; at the time of writing the total market cap of this category was $224.242 billion.
According to the data available on Coinglass, the market cap of the stablecoin category was much less than in the last quarter of 2024.
Yet, a pump in the market cap was observed in the last and 2nd last months with USDC at $35.52 billion on October 01, 2024, which has reached $52.19 billion till January 31, 2024, roughly growing 47 percent, in the same frame the market cap of USDt was $119.31 billion and reached $138 billion.
Trading volume a key factor driving stablecoins to sky
As per CoinMarketCap’s data, the trading volume of Tether in the past 24 hours was $95.24 billion with a growth of 26.06 percent and USDC succeeded in making the limelight, till writing the recorded volume was $$8.39 billion growing 20.21 percent.
In terms of volume, USDT stands at the top spot followed by USDC, Ethena USDe with a market capitalization of $6.06 billion and trading volume of $61.84 million after a decline of 59.47 percent.
Till press time USDT was dominating 62.2 percent of the stablecoin category in terms of market capitalization, and its closest competitor, USDC stood at 2nd with a dominance of 24.01 percent.
The Rupiah token has gathered huge attention since its launch because of its massive circulating supply acquiring the 1st spot in the stablecoin category followed by BIDR which has a supply of 190.58B BIDR and USDT has been resting at third rank with 139.4B USDT as circulating supply.
Stablecoin market was suffering at the verge in the last phase of 2022 and till the middle of 2023, the primary reason was the collapse of some known projects from the crypto market such as Terra Luna (LUNA served as the primary backing asset for Terra, also used as a governance token for users to vote on Terra community proposals), FTX, and a few others.
Since the past few quarters, USDC has been challenging all leading stablecoins in the market in terms of volume, market capitalization, and adoption. Back-to-back growth in the volume and market of USDCs has buzzed the market and there are claims that it might soon grow above the milestone of $55 billion.
Crypto market price update
Despite bullishness in the stablecoin category, a decline of 2.53 percent has been observed in the market capitalization of the cryptocurrency market, which was $3.53 trillion. In the same frame, the volume has reached $122.46 billion with a 23 percent addition.
Bitcoin has been trading at $102,314 with a decline of 2.25 percent in the past 24 hours and its market capitalization is $2.02 trillion, with a trading volume of $43.97 billion. In the past 24 hours, the losers list has been ruled by Fartcoin which lost 14.01 percent, followed by Official Trump, Flare, Ondo, Raydium, and a few others.
