Just over two months or about 83 days ago, the market valuation of the stablecoin usd coin (USDC) was about $55.52 billion, and since then the market cap of USDC has declined 12.05 percent. For most of 2022, USDC, the second largest stablecoin by market capitalization, was above the $50 billion mark, but this week the crypto asset has a market valuation of about $48.82 billion.
Following Tether’s recent stablecoin cut, USDC’s market cap fell 12%
In mid-June, Bitcoin.com News reported on the largest stablecoin asset, Tether (USDT)asUSDT‘s, had more than $12 billion erased from the market cap in two months, at the same timeusd coin (USDC)‘s market cap rose 9%.
However, USDC’s market cap has shrunk significantly over the past 83 days, down $6.7 billion sinceJuly 7, 2022. At the time of this writing, Wednesday at 4:15 p.m. ET, USDC’s market valuation was $48.82 billion, compared to a much higher level of roughly $55.52 billion on July 7.
Today USDC’s market capitalization is below the $50 billion zone, but for most of 2022, the stablecoin’s market capitalization remained above that area On February 1, 2022, USDC caught the $50 billion mark in market capitalization and remained above that remained above that territory.
After May 13,USDC regained the $50 billion market capitalization zone and remained there for about 130 consecutive days. Over the past 83 days, USDC’s market capitalization has shrunk by 12.05%, while 6.6% of its losses have been erased from its market capitalization over the past 30 days.
USDC’s market capitalization decline follows the company’s recentpartnership with Robinhood Markets, but also follows recent automated conversion moves by Binance and Wazirx. both Binance and Wazirx are working with clients to reduce their USDC holdings (and other stablecoins) to. If USDC was not withdrawn by a specific date, it was converted to BUSD
Today, according to statistics from September 28,the 24-hour global trading volume of USDCis approximately $4.31 billion. Stablecoin’s market capitalization dominance represents 4.985% of the crypto economy’s $983 billion fiat value; USDC’s top trading pair today is Tether (USDT), which accounts for 32.25% of USD coin trading today.
Tether follows with EUR (27.16%), USD (22.56%), and GBP (6.51%) in terms of USDC’s top pairs on Wednesday. Stable coins such as Tether (USDT) and USD Coin (USDC) have seen significant gains in EUR and GBP trading pairs since both fiat currencies began falling against the greenback.
What do you think about USDC’s market valuation sliding over 12% in the past 83 days and 6.6% in the past 30 days? Let us know what you think about this subject in the comments section below.
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