As a seasoned crypto investor, I have seen my fair share of market volatility and price fluctuations. And currently, the crypto market is experiencing yet another downturn, with a decrease of 0.69% in market capitalization to reach $2.44 trillion. The global trading volume has also followed the downward trend, declining by 23.85% to reach $69.7 billion.
The crypto market’s inherent volatility results in frequent price swings. At present, this instability has caused a minor market correction, resulting in a 0.69% decrease in total market capitalization to $2.44 trillion. Additionally, global trading volume has dropped by 23.85%, amounting to $69.7 billion during the last 24 hours. Despite this downturn, certain cryptocurrencies have piqued the interest of investors and traders due to their heightened trading activity. This article aims to explore the most actively traded altcoins amidst the ongoing market slump.
1. Tether (USDT)
Trading Volume: $53.02 billion
As a crypto investor, I’ve noticed that even amid market volatility, there’s still interest in stable investment opportunities like Tether (USDT). Over the last 24 hours and week, USDT has seen a minor decrease of 0.04% and 0.02% respectively, trading today at $0.9994.
With a market value of $112.5 billion, USDT holds the title as the largest stablecoin in circulation. In the last 24 hours, this coin has reported a noteworthy trading volume of $53 billion. The current circulating supply amounts to an impressive 112,544,030,567 USDT. Tether significantly contributes to maintaining liquidity within the cryptocurrency market, proving especially crucial during periods of heightened volatility.
2. Bitcoin (BTC)
Trading Volume: $26.7
Bitcoin holds a dominant market share of 54.2% in the cryptocurrency realm, making it the leading player with a market capitalization of $1.319 trillion. Lately, its value has been hovering around the $69,000 mark, representing a 1.08% decrease in price over the previous day. This downward trend has been evident not only recently but also in the mid-term, with Bitcoin’s price dropping by 6.04% in the last seven days.
Despite the unwavering market sentiment towards Bitcoin with a trading volume of $26.7 billion in the last 24 hours, it’s important to note that Bitcoin serves as the benchmark for the cryptocurrency industry. Its circulation supply amounts to 19,711,981 BTC. In simpler terms, Bitcoin’s market conditions can significantly influence the rest of the cryptocurrency market.
3. Ethereum (ETH)
Trading Volume: $14.14
Ethereum trails Bitcoin with a 17.3% share in the total cryptocurrency market value. Its trading activity surged in the last 24 hours, resulting in a noteworthy trading volume of approximately $14.1 billion.
Despite high anticipation within the crypto community, the price of Ethereum has fallen short of expectations, failing to surpass the $4,000 mark even after the approval of an Ethereum-backed ETF. In the last day, the token has decreased by 0.35%, and over the past week, it has seen a more significant drop of 7.96%. Currently, Ethereum is trading at $3,515.59.
As a researcher studying the cryptocurrency market, I can tell you that Ethereum (ETH) holds the number two spot among all cryptos with a market capitalization of approximately $422.4 billion, according to CoinMarketCap’s latest data. The circulating supply of this token comprises around 120,151,114 coins.
4. USD Coin (USDC)
Trading Volume: $5.78
USD Coin, one of the widely used stablecoins, has seen significant trading activity recently. With a fixed value of one US dollar, USDC maintains its value steadily, registering a slight increase of 0.01% in the last day and a similar rise of 0.01% over the past week. The market capitalization of USDC stands at an impressive $32.6 billion, while it recorded a trading volume of approximately $5.8 billion within the previous 24 hours.
As a researcher studying stablecoins, I can tell you that the USDC stablecoin, with a circulating supply of over 32 billion units, is widely employed for various purposes in the cryptocurrency market. It sees extensive use in trading, transactions, and serves as a safe haven during market volatility. The integration of USDC into decentralized finance (DeFi) platforms significantly boosts its utility and trading frequency.
5. First Digital USD (FDUSD)
Trading Volume: $5.35
As a researcher studying the cryptocurrency market, I’ve noticed that First Digital USD has gained significant attention recently with a 24-hour trading volume of approximately $5.3 billion. Currently, the coin is priced at around $0.9989 on the markets. However, there’s been a slight downward trend for this stablecoin over the past day and week.
FDUSD has a market cap of $2.6 billion, ranking 41st among cryptocurrencies.
Approximately 2.6 billion FDUSD are in circulation at present, experiencing growing popularity in Asia for transactional purposes and as a digital asset.
Conclusion
Amidst the turmoil of a market crash, stablecoins like Tether, USD Coin, and First Digital USD are maintaining their crucial roles, providing stability and liquidity. Concurrently, Bitcoin and Ethereum remain popular picks for trading, signifying their significant influence in the market and enduring allure to investors. During this economic downturn, the trading behaviors of these cryptocurrencies will serve as valuable barometers of overall market mood and tendencies.
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2024-06-14 12:44