Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC’s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion mark, but this week the crypto asset’s market valuation is around $48.82 billion.
Following Tether’s Recent Stablecoin Reduction, USDC’s Market Cap Drops 12%
In mid-June, Bitcoin.com News reported on the largest stablecoin asset tether (USDT) , as USDT ’s saw more than $12 billion erased from the market cap in two months and at that same time, usd coin’s (USDC) market cap rose by 9%.
However, USDC’s market cap has shrunk a great deal during the last 83 days, as it has dropped by $6.7 billion since July 7, 2022 . At the time of writing, at 4:15 p.m. (ET) on Wednesday afternoon, USDC’s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 billion.
USDC’s market cap today is under the $50 billion zone but for most of 2022, the stablecoin’s market valuation remained above that region. On February 1, 2022, USDC captured the $50 billion mark, in terms of market capitalization, and it remained above that region until April 17.
After May 13, USDC once again reclaimed a market valuation above the $50 billion zone, and it remained that way for roughly 130 consecutive days. While USDC’s market valuation shrunk by 12.05% during the last 83 days, 6.6% of the loss was erased from the market cap during the past 30 days.
USDC’s market cap drop follows the company’s recent partnership with Robinhood Markets , but it also follows the recent auto-conversion moves by Binance and Wazirx . Both Binance and Wazirx auto-converted their customer’s USDC holdings (and other stablecoins) into BUSD if they did not withdraw the USDC by a specific date.
Today, on September 28, statistics indicate that USDC has roughly $4.31 billion in 24-hour global trade volume. The stablecoin’s market cap dominance represents 4.985% of the crypto economy’s $983 billion in fiat value. USDC’s top trading pair today is tether ( USDT ) as it accounts for 32.25% of today’s usd coin trades.
Tether is followed by EUR (27.16%), USD (22.56%), and GBP (6.51%) in terms of USDC’s top pairs on Wednesday. Stablecoins like tether ( USDT ) and usd coin (USDC) have seen a significant rise in euro and pound trading pairs since both fiat currencies started to slide against the greenback .
What do you think about USDC’s market valuation sliding by more than 12% during the past 83 days and 6.6% over the last 30 days? Let us know what you think about this subject in the comment section below.
Following Tether’s Recent Stablecoin Reduction, USDC’s Market Cap Drops 12%
In mid-June, Bitcoin.com News reported on the largest stablecoin asset tether (USDT) , as USDT ’s saw more than $12 billion erased from the market cap in two months and at that same time, usd coin’s (USDC) market cap rose by 9%.
However, USDC’s market cap has shrunk a great deal during the last 83 days, as it has dropped by $6.7 billion since July 7, 2022 . At the time of writing, at 4:15 p.m. (ET) on Wednesday afternoon, USDC’s market valuation is $48.82 billion and on July 7, it was much higher at roughly $55.52 billion.
USDC’s market cap today is under the $50 billion zone but for most of 2022, the stablecoin’s market valuation remained above that region. On February 1, 2022, USDC captured the $50 billion mark, in terms of market capitalization, and it remained above that region until April 17.
After May 13, USDC once again reclaimed a market valuation above the $50 billion zone, and it remained that way for roughly 130 consecutive days. While USDC’s market valuation shrunk by 12.05% during the last 83 days, 6.6% of the loss was erased from the market cap during the past 30 days.
USDC’s market cap drop follows the company’s recent partnership with Robinhood Markets , but it also follows the recent auto-conversion moves by Binance and Wazirx . Both Binance and Wazirx auto-converted their customer’s USDC holdings (and other stablecoins) into BUSD if they did not withdraw the USDC by a specific date.
Today, on September 28, statistics indicate that USDC has roughly $4.31 billion in 24-hour global trade volume. The stablecoin’s market cap dominance represents 4.985% of the crypto economy’s $983 billion in fiat value. USDC’s top trading pair today is tether ( USDT ) as it accounts for 32.25% of today’s usd coin trades.
Tether is followed by EUR (27.16%), USD (22.56%), and GBP (6.51%) in terms of USDC’s top pairs on Wednesday. Stablecoins like tether ( USDT ) and usd coin (USDC) have seen a significant rise in euro and pound trading pairs since both fiat currencies started to slide against the greenback .
What do you think about USDC’s market valuation sliding by more than 12% during the past 83 days and 6.6% over the last 30 days? Let us know what you think about this subject in the comment section below.