- Leading stablecoin USDT has recorded a new milestone in market capitalization.
- The stablecoin USDC has recorded significant gains in the past months, experiencing notable market cap and adoption growth.
- The broader crypto market is recording major gains.
The crypto market has witnessed significant movement over the past week, bustling with activity as investors’ optimism for an imminent bull run intensifies. From Bitcoin (BTC) and Ethereum (ETH) to memecoins, several crypto assets have stunned the investors with notable double and triple-digit gains, reaching new all-time highs and surging in market capitalization.
Now joining the ranks are stablecoins, led by Tether’s USDT with a new milestone.
Tether Joins $100B Market Cap Rank
On Monday, March 4, 2024, at 9: 30 am GMT +1, the largest stablecoin by market cap USDT topped a new value record of over $100 billion, marking a healthy 9.8% increase from its year start value of $91 billion.
Sponsored
This solidifies USDT’s position as the largest gaining stablecoin in the ongoing Bitcoin-led market rally, bringing the total stablecoin market value to $144 billion.
While Tether’s milestone was short-lived and has since dipped to $99.6 billion, the stablecoin maintains its position as the world’s largest stablecoin, with a market share of 88.04%. In addition, Tether ranks third among the top 50 by global market capitalization, surpassed by Bitcoin and Ethereum.
However, Tether is not the only stablecoin reaching new heights, as Circle’s USD coin is also making significant strides.
USDC Eyes USDT’s Spot as it Re-emerges
According to a Coinbase report on February 26, USDC has experienced an impressive increase since December 1, 2023, marking a 14.3% increase over three months.
The increase marks the resurgence of the second-leading stablecoin’s market cap to over $28 billion, following a rocky path in the previous year, which saw its value drop below $25 billion.
Additionally, Circle’s USDC is becoming an increasingly popular choice in the non-US markets, with a 5x growth in its share of spot and derivatives activity, fueling speculation about its ability to dethrone the stablecoin market giant.
Despite the broader surge in USDT and USDC, other stablecoins such as Dai and FUSD have struggled to match the market momentum, wavering at market cap values of $5.3 billion and $3.2 billion, respectively.
Find out more about the ongoing market rally and Bitcoin’s impressive performance:
Bitcoin Breaches $65K in Wild Rally to All-Time High Levels
Defunct-exchange has unveiled claims price in ongoing creditor settlement process; find out more:
