Why is crypto down today? A stablecoin shift appears on the horizon

Bitcoin and Crypto Market Update:

The global cryptocurrency market is currently experiencing a correction, leading some investors to shift their focus towards stablecoins. CoinGecko data shows a slight decrease in the total crypto market cap by 0.4% in the past 24 hours, dropping from $2.38 trillion to $2.34 trillion. However, the global daily trading volume has surged by 27%, surpassing $52 billion.

Stablecoins Dominating Trading Volume:

Stablecoins are dominating the total trading volume, with USDT leading the pack with over $34.5 billion in daily trading volume. The largest stablecoin currently has a market cap of $110 billion. Additionally, USDC saw a 22% increase in 24-hour trading activity, reaching $3.56 billion, while FDUSD witnessed a 46% spike in daily trading volume, surpassing $4.5 billion.

Bearish Momentum in the Market:

According to CryptoQuant data, there is a marketwide bearish momentum, as indicated by the Coinbase Premium trend advising a “wait and see” approach. Traders are urged to exercise patience and potentially invest during the rebound after the trend turns negative, following historical patterns. Currently, 88% of the top 200 cryptocurrencies are in the red, yet Bitcoin managed to gain 1.4% in the past day, trading at $61,660, while Ethereum rose by 0.6% to $2,925.

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