The USDC of Circle, the second largest establishment in the market, increased to a record market capitalization of more than $ 56 billion this week, since the growth of Stablecoin showed signs of react.
The USDC added $ 10.2 billion to its market capitalization during the past month, mainly driven by the increase in negotiation volumes with Solana headquarters, according to Artemis Data. That is more than twice the growth of $ 4.6 billion of the USDT of Tether, the largest stable in the market and the largest competitor of Circle, during the same period. USDT still dominates the Stablecoin space with a market capitalization of $ 142 billion.
With the last Sturt growth, the USDC exceeded its 2022 peak and recovered completely from the United States regional banking crisis, which gave a hard blow to the cryptocurrency. At that time, Circle had a part of Stablecoin’s reserves in bank deposits in Silicon Valley Bank, who suffered a banking race and led USDC to temporarily lose its plug to the US dollar. Many tokens headlines fled to the USDT, helping Tether overcome their maximum market capitalization 2022 already in May 2023.
The stable are a special type of cryptocurrencies with prices anchored to an external asset, predominantly to the US dollar. USDT and USDC are widely used to trade in encryption exchanges and serve as a key liquidity source. Therefore, its expansion supply is a key indicator of the demand for investors and the general health of cryptographic markets.
After a period of warm action in December and early January, the growth of the USDT and the USDC accelerated in recent weeks, according to the data. The previous growth outbreaks, such as between the end of October and the beginning of December and October 2023 and April 2024, coincided with the steep demonstrations in the prices of Bitcoin (BTC) and Altcoin.
Accelerate the growth of the stable, while it is only one of the factors that influence cryptographic markets, offers a positive signal for the general health of the market amid winds against winds against and consolidation prices.
