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Strong rise of Tether (USDT) shows clear trend, while USD Coin (USDC) experiences noticeable decline
A Notable Rise for Tether (USDT) Tether (USDT) market cap has seen a notable rise in recent months, largely mirroring the rise in the price of Bitcoin (BTC). According to a report from market analyst Simona at CryptoQuant, USDT's current market cap is now $83 billion, an increase of over 25% compared to its early 2023 figure of $66.24 billion. In contrast, its counterpart, USD Coin (USDC), saw a significant decline in market capitalization. USDC's market cap was $44 billion at the start of the year, but is now down 47% to 23...
Strong rise of Tether (USDT) shows clear trend, while USD Coin (USDC) experiences noticeable decline
A Notable Rise for Tether (USDT)
Tether (USDT) market cap has seen a notable increase in recent months, largely mirroring the rise in Bitcoin (BTC) price. According to a report from market analyst Simona at CryptoQuant, USDT's current market cap is now $83 billion, an increase of over 25% compared to its early 2023 figure of $66.24 billion. In contrast, its counterpart, USD Coin (USDC), saw a significant decline in market capitalization.
USDC's market cap was $44 billion at the start of the year, but has now fallen by 47% to $23 billion. In March, USDC faced particular challenges due to the US banking crisis, which led to panic and capital outflows. This caused USDC to decouple from the dollar. In contrast, USDT saw inflows during this period as market participants sought solace in blockchain-based solutions amid fears of an escalation of the banking crisis. With the increase in the price of Bitcoin, the market capitalization of USDT also increased significantly.
In March, USDT increased its market capitalization by almost $9 billion, while Bitcoin price gained over 23% - its second best month this year. USDC, on the other hand, lost more than $10 billion in market capitalization. After the sharp decline in March, USDC’s market cap failed to stage a comeback. Despite the decline, some market participants still prefer USDC over USDT. This could indicate two different categories of investors with different preferences for USDT and USDC, according to the report.
The rise in Tether (USDT) market cap shows that stablecoins like this are playing an increasingly important role in the cryptocurrency sector. With their price pegs to established currencies such as the US dollar, they offer market participants stability and trust. Despite the volatility of the crypto market, they seem to be a safe alternative.
It remains to be seen how the market caps of USDT and USDC will develop in the future. Investor preferences may continue to change as new challenges and opportunities emerge in the crypto market.
Source: CryptoQuant