5 Cryptos Being Traded the Most in This Falling Market
Volatility is the nature of the crypto market, accompanied by price fluctuations. Currently, the cryptocurrency market as a whole, is experiencing a slight market crash, having decreased 0.69% in market capitalization to reach $2.44 trillion. The global 24-hour trading volume has also followed the downward trend, declining by 23.85% to reach $69.7 billion. Amidst this downturn, some cryptos have gained the interest of both investors and traders, as demonstrated in their trading activities. This article will delve you into the altcoins that are being traded the most, even as the market falls.
1. Tether (USDT)
Trading Volume: $53.02 billion
It seems market volatility does not prevent traders seeking stability from considering Tether, as an investment opportunity. USDT has experienced a decrease of 0.04% and 0.02% in value over the past day and week respectively, to trade today at $0.9994.
Boasting a market cap of $112.5 billion, USDT positions itself as the largest stable coin. In the past 24-hours, the coin recorded a trading volume of $53 billion. With a circulation supply of 112,544,030,567 USDT, Tether plays a crucial role in providing liquidity in the cryptocurrency market especially in times of increased volatility.
2. Bitcoin (BTC)
Trading Volume: $26.7
BTC dominates the crypto market by 54.2%, earning it the position of the top cryptocurrency, with a market cap of $1.319 trillion. The coin has been trading below $70,000 for the past few days, showing a drop in its value by 1.08% over the past day. This bearish trend has also been seen in mid-term where Bitcoin price decreased by 6.04% in the past 7 days.
Nevertheless, the market sentiment is still stable towards BTC as it records a trading volume of $26.7 billion, over the past 24-hours. They say, when Bitcoin sneezes, the entire cryptocurrency market catches cold, as it acts as the main barometer. The coin has a circulation supply of 19,711,981 BTC.
3. Ethereum (ETH)
Trading Volume: $14.14
Tagging behind Bitcoin is Ethereum, which dominates 17.3% of the entire crypto market. In the past 24-hours, the coin saw an increased trading activity to reach $14.1 billion in trading volume.
However, Ethereum price has been somewhat disappointing as the crypto community has been expecting the value to cross $4,000 especially after the approved Ethereum ETF. The token has experienced a decreased of 0.35% and 7.96 in the past day and week respectively, to trade at $3,515.59 today.
According to CoinMarketCap, ETH is positioned as the second-largest among cryptos , boasting a market cap of $422.4 billion. The token has a circulating supply of 120,151,114 coins.
4. USD Coin (USDC)
Trading Volume: $5.78
USD Coin, another popular stablecoin, is experiencing notable trading volume. Listed at a precise $1.00, USDC has sustained stability with a 0.01% rise in the last day and a 0.01% increase in the last week. The coin is valued at $32.6 billion with a trading volume of $5.8 billion over the past 24 hours.
Having a circulating supply of 32,580,569,954 USDC, this stablecoin is commonly utilized for trading, transactions, and as a shelter during turbulent market conditions. USDC’s function within decentralized finance (DeFi) platforms increases its usefulness and trading activity.
5. First Digital USD (FDUSD)
Trading Volume: $5.35
Another stablecoin that has become popular in the market is First Digital USD, recording a 24-hour trading volume of $5.3 billion . The coin is trading today at $0.9989, demonstrating a downward trend, declining by a slight decline over the past day and week, respectively.
FDUSD has a market cap of $2.6 billion, ranking 41st among cryptocurrencies.
There are currently 2,606,822,770 FDUSD in circulation, with increasing usage in Asia for trading and as a digital asset
Conclusion
Amidst a market crash, stablecoins such as Tether, USD Coin, and First Digital USD are upholding their important positions, offering stability and liquidity. In the meantime, Bitcoin and Ethereum remain the top choices for trading, indicating their strong presence in the market and sustained appeal to investors. During this downturn, the trading activities of these cryptos will continue to be important indicators of overall market sentiment and trends.
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