© Alpha Footage Stablecoins are taking the limelight while Bitcoin is experiencing slumps
- BTC has plummeted since the December 4th market crash.
- The total market capitalization of stablecoins remains stable and solid with steady growth.
- Stablecoins should be the most important money of the future.
Despite the current market decline and since (BTC) slumps every day, the affinity for stablecoins is increasing. With the greater use of these coins, the stablecoin sector is growing faster than ever.
The BTC slump
The crypto community has been experiencing a tough market since the crash in December. Not much has changed so far and the market is dormant. Amid it all, BTC has been hit the hardest.
Bitcoin struggled to maintain the $ 50,000 price range. After hitting a low of $ 45,967 a few days ago, BTC is now around $ 46,000 – a 5% decrease over the past 24 hours. On the other hand, stablecoins are experiencing a boom in the market as the top cryptocurrency experiences a downtrend.
The boom in the stablecoins sector
In general, stablecoins are digital currencies that are backed by assets such as fiat, gold, and other cryptocurrencies. Interestingly, the use of stablecoins has improved over time, but not as much as it does today.
Accordingly, Visa (NYSE :), a major online payments giant, recently brought in a crypto advisory sector. For them, stablecoins are becoming the greatest medium of exchange on any basis, even for commodities, and not any other cryptocurrency. In addition, Meta Platforms Inc., which includes Facebook (NASDAQ :), WhatsApp and Instagram, launched its own wallet especially for stablecoins last week.
As central banks and other institutions around the world indulge in cryptocurrency integration, their first step also includes stablecoins. However, as use cases continue to grow exponentially, the total market capitalization for stablecoins is also increasing.
Additionally, Delphi Digital states that total market capitalization for large stablecoins like (USDT) rose from $ 129 billion to a whopping $ 150 billion in the last month alone.
Read on on CoinQuora
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