Tether (USDT) & DAI Beacon Hope of Turning Tides in an 18-Month Decline in Stablecoin Market Cap

2023-10-6 19:30

A report from Binance Research revealed that the total stablecoin market capitalization has been on a steady decline, persisting for 18 consecutive months, and it hit a new low of $123.8 billion in September 2022.

Key Takeaways: The decline in the stablecoin market cap has been continuous for the past 18 months. The total market cap in September 2022, at $123.8 billion, is the lowest it has been since September 2021. Despite the overall market downturn, both USDT (Tether) and DAI managed to experience slight increases in their market capitalization. This decline in stablecoin market cap signals a diminishing demand for stablecoins, which can be attributed to the prevailing uncertainty in the broader cryptocurrency market. Driving Factors:

Several factors have contributed to this persistent slump in the stablecoin market capitalization:

Decreased appetite for stablecoins as a hedge during bearish trends in the cryptocurrency market. Reduced necessity for stablecoins for entering or exiting cryptocurrency positions during market downtrends. Regulatory uncertainty surrounding stablecoins, leading to reduced issuance and usage. Confidence shaken by the failures of some algorithmic stablecoins in the market. Looking Ahead:

The stablecoin market remains locked in an extended downtrend, mirroring the broader cryptocurrency market’s struggle to find a clear bottom. While certain key stablecoins have managed to weather the storm with minor increases, the overall demand for stablecoins continues to wane. This bearish momentum shows few signs of reversing in the near-term.

Crypto market analysts will be closely monitoring stablecoin trends for any early signals of a potential macro reversal. However, for now, declines persist as crypto sentiment remains predominantly negative. The crypto market continues to navigate through a period of uncertainty, and stability appears to be a sought-after but elusive commodity.

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The post Tether (USDT) & DAI Beacon Hope of Turning Tides in an 18-Month Decline in Stablecoin Market Cap appeared first on CaptainAltcoin.

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USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
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stablecoin market decline consecutive months persisting steady

stablecoin market → Результатов: 126


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