19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today’s $44.93 billion. Statistics show that during the last three months, USDC’s market valuation has dropped by more than 19%, shedding approximately $10.59 billion.
More than $10 billion worth of the stablecoin USDC has been erased from the project’s market capitalization since July 7, 2022. Bitcoin.com News reported on USDC’s market cap sliding much lower on September 28, 2022, or roughly 19 days ago. Metrics show usd coin (USDC), issued by the Centre consortium, is the fourth largest cryptocurrency today by market capitalization and the second largest stablecoin by market valuation, under tether (USDT).
USDC’s market valuation actually rose after the Terra blockchain fiasco and UST depegging incident five months ago, while billions of tethers were removed from circulation at the time. After UST (now called Terrausdclassic USTC) imploded, usd coin’s (USDC) market cap increased by 9%, while tether’s (USDT) valuation dropped by more than $12 billion in two months’ time. In more recent times, USDT’s market cap is growing slowly as it increased by 0.6% during the last 30 days.
However, 30-day statistics show that USDC did the opposite as the stablecoin’s market capitalization shed 10.6%, according to coingecko.com’s top stablecoin stats. Since our last report on USDC’s market cap deflating, roughly 3.89 billion in USDC has been removed from circulation. Since the July 7 market cap of around $55.52 billion, USDC’s valuation has dropped by approximately $10.59 billion in roughly three months’ time.
The news follows Binance and Wazirx auto-converting USDC holdings held on the aforementioned exchanges into the stablecoin BUSD. The Binance-backed stablecoin BUSD has seen its market valuation grow by 3% during the last 30 days.
Out of the top ten dollar-backed stablecoin assets, BUSD, USDD, and GUSD were the only stablecoins that saw 30-day growth. USDD increased by 4.3% last month, while GUSD saw the largest increase out of the top ten after rising 9.7% last month.
There’s still quite a long way to go until any other stablecoin comes close to USDC’s size but BUSD is close to halfway there today. While USDC has a market capitalization of around $44.93 billion, the Binance stablecoin BUSD has a valuation of around $21.29 billion.
BUSD’s market cap represents 47.38% of USDC’s size and BUSD’s 24-hour global trade volume is higher. Today, USDC has around $2.96 billion in swaps, while BUSD commands $6.02 billion in global trade volume in the last day.
What do you think about USDC’s market cap dropping close to $4 billion in less than 20 days? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today’s $44.93 billion. Statistics show that during the last three months, USDC’s market valuation has dropped by more than 19%, shedding approximately $10.59 billion.
More than $10 billion worth of the stablecoin USDC has been erased from the project’s market capitalization since July 7, 2022. Bitcoin.com News reported on USDC’s market cap sliding much lower on September 28, 2022, or roughly 19 days ago. Metrics show usd coin (USDC), issued by the Centre consortium, is the fourth largest cryptocurrency today by market capitalization and the second largest stablecoin by market valuation, under tether (USDT).
USDC’s market valuation actually rose after the Terra blockchain fiasco and UST depegging incident five months ago, while billions of tethers were removed from circulation at the time. After UST (now called Terrausdclassic USTC) imploded, usd coin’s (USDC) market cap increased by 9%, while tether’s (USDT) valuation dropped by more than $12 billion in two months’ time. In more recent times, USDT’s market cap is growing slowly as it increased by 0.6% during the last 30 days.
However, 30-day statistics show that USDC did the opposite as the stablecoin’s market capitalization shed 10.6%, according to coingecko.com’s top stablecoin stats. Since our last report on USDC’s market cap deflating, roughly 3.89 billion in USDC has been removed from circulation. Since the July 7 market cap of around $55.52 billion, USDC’s valuation has dropped by approximately $10.59 billion in roughly three months’ time.
The news follows Binance and Wazirx auto-converting USDC holdings held on the aforementioned exchanges into the stablecoin BUSD. The Binance-backed stablecoin BUSD has seen its market valuation grow by 3% during the last 30 days.
Out of the top ten dollar-backed stablecoin assets, BUSD, USDD, and GUSD were the only stablecoins that saw 30-day growth. USDD increased by 4.3% last month, while GUSD saw the largest increase out of the top ten after rising 9.7% last month.
There’s still quite a long way to go until any other stablecoin comes close to USDC’s size but BUSD is close to halfway there today. While USDC has a market capitalization of around $44.93 billion, the Binance stablecoin BUSD has a valuation of around $21.29 billion.
BUSD’s market cap represents 47.38% of USDC’s size and BUSD’s 24-hour global trade volume is higher. Today, USDC has around $2.96 billion in swaps, while BUSD commands $6.02 billion in global trade volume in the last day.
What do you think about USDC’s market cap dropping close to $4 billion in less than 20 days? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Quant was one of the big movers in crypto markets to start the week, as the token rose beyond $200, hitting its highest point since last December. The move means that the token has now risen by nearly 40% in the last seven days. Monero was another notable gainer, rising for a second straight day.
Quant (QNT) surged higher to start the new week, hitting its highest point in nearly a year in the process.
Following a low of $182.88 on Sunday, QNT/USD raced to a peak of $226.09 earlier in today’s session.
This is the strongest point that QNT has traded at since December 12, 2021, when it was at a high of $236.00.
Looking at the chart, today’s move comes as the relative strength index (RSI) of 14-days rose past a key ceiling.
The index is currently tracking at 87.03, which is its highest point in over a year, and this comes following a breakout of the ceiling at 75.00
QNT has already slipped from earlier highs, as bears saw an opportunity to push prices lower, as they moved deep into overbought territory.
Monero (XMR) was also in the green on Monday, as the token rose for its second consecutive session.
XMR/USD surged to a high of $145.03 earlier in the day, which comes less than 24 hours after trading at a low of $141.48.
Today’s climb comes as the token continued to move away from its recent support point of $137.00.
As of writing, the token is now trading at $143.90, with earlier bulls opting to liquidate their positions, as a resistance point looms.
This ceiling is the $148.00 mark, which has historically been a point of high uncertainty in price movement.
The RSI is currently tracking near an obstacle of its own at 48.70, and should it move beyond this point, we will then likely see the token continue to trend higher.
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Could monero move past its upcoming resistance this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Source From : News