Steady growth in the market cap of many stablecoins highlights investors’ interest in all aspects of the crypto market.
As 2024 continues to unfold, and new unprecedented developments in the cryptocurrency space such as the launch of spot Bitcoin and Ethereum ETFs, another trend is emerging. The growth of stablecoins that has lasted for ten consecutive months and stablecoins’ market dominance rise to 6.93%.
Stablecoins are a class of cryptocurrencies whose value is fixed to a reserve asset, like a fiat currency or commodity. They stand apart from the frequent price volatility associated with cryptocurrencies such as Bitcoin (BTC) or Ether (ETH) due to their stability
According to a report from CCData, the total stablecoin market capitalization rose by 2.11% in July to $164 billion amid a ten-month ascent that was witnessed by major stablecoins.
