Stablecoins Join The Crypto Bull Run With $140B Market Cap, Highest Since 2022
28 Februar 2024 - 1:30AM
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February has been an overall notable month for cryptocurrencies and
the crypto industry. We’ve seen Bitcoin and Ether, the two largest
cryptocurrencies by market capitalization, reach milestones not
seen since the crypto winter started. The bull run has seemingly
started, as many analysts and investors have announced, and it
appears to be following a ‘2-year trend’ where the industry is
beginning to reclaim the heights lost in 2022. Consequentially, the
rally has propelled the overall market cap of the crypto industry.
Related Reading: Ethereum (ETH) Price Reaches $3,000 After Two
Years, More Excitement To Come? Stablecoins Remain Stable, But The
Market Is Expanding According to data from DefiLlama, stablecoins
have joined the crypto market in the bullish rally, as its market
capitalization hit $140 billion for the first time since December
2022. Stablecoins are cryptocurrencies designed to have value
pegged to another currency, like the US dollar, or a commodity,
like gold. They account for a large portion of the daily trading
volume of cryptocurrencies, as many consider them more useful for
everyday transactions. The slow and steady recovery of the crypto
industry has been maturing the bullish sentiment in the community.
Fueled by investors’ trust in crypto assets and important
developments in the industry, the crypto market seems to be
recovering to achieve a performance like that of the previous
crypto bull run. Stablecoins Market Capitalization hits $140B.
Source: DefiLlama However, stablecoin’s recent market expansion is
not only fueled by the positive sentiment. Tether (USDT) sits as
the third largest cryptocurrency by market capitalization, with
over $98 billion, and it has continued to extend its reach in the
last few years. Just this month, USDT’s market cap increased by $2
billion; in the last year, it has risen by over $28 billion. USDT
is also ranked as the first cryptocurrency by trading volume in the
previous 24 hours, according to data from CoinMarketCap. Circle’s
USDC, ranked fifth by daily trading volume and seventh by market
cap, has also seen impressive growth, with its $2 billion market
cap increase showing a recovery this month. The stablecoin’s market
capitalization saw a 1-year slump after dropping from $40 billion
in March last year. However, the relisting of its trading pairs on
Binance and the recent expansion to international markets has
fueled USDC’s ‘resurgence,’ as Coinbase recently called it. Crypto
Market Cap Hits $2T Today, the total crypto market cap hit $2
trillion as Bitcoin’s price spiked to $57,000, increasing 32.2%
monthly and 101.3% in the past year. This milestone has not been
reached since April 2022, when the total crypto market cap was at
$2.1 trillion. However, Bitcoin’s parabolic surge is not the only
reason behind this achievement, as the altcoin market cap, which
includes all cryptocurrencies except for BTC, has grown 29.35% in
30 days. Accordingly, the market capitalization for altcoins hit
$255 billion, representing a 111.6% surge last year. Similarly,
this level has not been seen since April of 2022. The altcoin
market has seen green throughout February as interest in
cryptocurrencies soared massively, led by the ETFs frenzy that
started building at the end of last year and exploded in January.
Related Reading: Top Memecoins Face Pullback Amid Recent Market
Rally Crypto market capitalization sitting at $2.09 Trillion in the
30-day chart. Source: TradingView.com Feature image from
Unsplash.com, Charts from Tradingview.com and DeFiLlama.com
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