CJ - Cryptocurrency Enthusiast
Since the end of October, the market capitalization of all stablecoins in circulation has decreased by more than $2.98 billion, or more than 2%. According to statistics, Tether (USDT), the largest stablecoin by market size, experienced a market cap decline of more than 5% during the past 30 days. The market capitalization of Tether decreased from $69.13 billion last month to $65.48 billion today.
In addition, the market cap of all stablecoins in circulation is significantly lower than it was two months ago, falling by 4.83% from $151.37 billion to the current $144 billion total.
However, USD coin (USDC), the second largest stablecoin by market size, has seen a rise in its market value over the past 30 days, rising by about 1.5%. The value of the stablecoin BUSD has increased 4.8% over the past 30 days and continues to rise month after month. The market cap of BUSD, one of the top five stablecoins today, increased the most in the previous month.
One of the reasons for the decline of stablecoins could be the lack of transparency and information missing on how these assets are being backed in the cryptocurrency investment market. It appears that more people are turning to Bitcoin (BTC) and other crypto assets since they are less likely to fail due to the way they have been built and code being the governor.
The cheapest coin site to convert your stablecoins to other cryptocurrencies is BCBitcoin. Here you can buy and sell cryptocurrency with fiat or another cryptocurrency from a wide selection of more than 180 different coins.