The crypto market is in a frenzy as Bitcoin’s market dominance has plunged to a record low. Bitcoin’s market dominance, or the percentage of total cryptocurrency market capitalization contributed by the world’s largest cryptocurrency, has fallen to 37% over the past few days. This is a massive decline from the 85% dominance it held last December.
The 30th. More USD coins (USDC) were printed in April than ever before in the history of the dollar stack, as just over $3 billion was minted at one time.
Each time a customer exchanges their USD coins for stablecoin, new USD coins are minted, and Friday’s inflow accounted for more than 26% of the market value at the time.
The sudden rise of the $3 billion cryptocurrency market coincided with a boom in the altcoins market, as evidenced by bitcoin’s (BTC) decline to its lowest level of market dominance in two and a half years.
Bitcoin’s 47.79% dominance on Friday was the lowest since August 2018, while Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA) and others have significantly increased their market capitalization since the beginning of the year. In early January, Bitcoin’s dominance was over 70%, but it has been steadily declining since then.
The value of USD Coin in circulation jumped Friday from $11 billion to nearly $14.4 billion, meaning USD Coin now has a market value equal to 28% of the most widely used steiballcoin, Tether (USDT), which has over $50 billion in circulation. In August 2020, the market value of the USD Coin was only a tenth of that of Tether, suggesting that traders have found a use for the USDC, perhaps at the expense of the USDT.
Circle, which co-founded USD Coin with popular cryptocurrency exchange Coinbase, recently announced that it has hired New York-based Signature Bank to provide USD Coin with its matching reserves. The USD currency would be supported by a mix of cash and short-term US government bonds.
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