The global market for cryptocurrencies is currently experiencing a correction, leading some investors to focus on stablecoins. According to data from CoinGecko, the total market cap of cryptocurrencies fell by 0.4% in the last 24 hours, dropping from $2.38 trillion to $2.34 trillion. However, the global daily trading volume saw a 27% increase, surpassing $52 billion.
Stablecoins are dominating the trading volume, with USDT leading the way with over $34.5 billion in daily trading volume. CoinGecko reports that 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 experienced a 46% surge in daily trading volume, exceeding $4.5 billion. Conversely, DAI’s 24-hour trading activities decreased by 17.2%, falling to $652 million.
Marketwide bearish momentum is evident, as indicated by the Coinbase Premium trend suggesting a “wait and see” approach. According to CryptoQuant data, the Coinbase Premium momentum is currently in the positive zone, with traders awaiting the pattern to repeat for the fifth time in the last two years. The analysis suggests that waiting for the trend to turn negative before investing may lead to better success.
As of now, 88% of the top 200 cryptocurrencies are in the red zone, according to CoinGecko data. Despite this downturn, Bitcoin (BTC) saw a 1.4% increase in the last 24 hours, trading at $61,660. Ethereum (ETH) also experienced a 0.6% price surge over the past day, with its current price at $2,925.
For more information on the top cryptocurrencies to watch this week, consider looking into ETH, BOME, and HNT.