Markets
5 cryptocurrencies being traded most in this falling market
Volatility is the nature of crypto market, accompanied by price fluctuations. Currently, the cryptocurrency market as a whole is experiencing a slight market crash, having decreased by 0.69% in market capitalization to reach $2.44 trillion. The global 24-hour trading volume also followed the downward trend, decreasing by 23.85% to reach US$69.7 billion. In the midst of this recession, some cryptocurrencies have gained interest from both investors and traders, as demonstrated by their trading activities. This article will delve deeper into the altcoins that are being traded the most even as the market declines.
1. Tether (USDT)
Turnover: US$53.02 billion
It appears that market volatility is not stopping traders seeking stability from considering Tether as an investment opportunity. USDT experienced a 0.04% and 0.02% drop in value over the last day and week respectively to trade at $0.9994 today.
With a market cap of $112.5 billion, USDT is positioned as the largest stablecoin. In the last 24 hours, the currency recorded a trading volume of US$53 billion. With a circulating supply of 112,544,030,567 USDT, Tether plays a crucial role in providing liquidity in the cryptocurrency market, especially during times of increased volatility.
2.Bitcoin (BTC)
Trading volume: $26.7
BTC dominates the crypto market by 54.2%, gaining the position of the main cryptocurrency, with a market value of US$1.319 trillion. The coin has been trading below $70,000 for the past few days, showing a drop in value of 1.08% in the last day. This downward trend was also observed in the medium term, where Bitcoin the price has decreased by 6.04% in the last 7 days.
However, market sentiment is still stable towards BTC as it records a trading volume of $26.7 billion in the last 24 hours. They say that when Bitcoin sneezes, the entire cryptocurrency market catches a cold as it acts as the main barometer. The coin has a circulating supply of 19,711,981 BTC.
3. Ethereum (ETH)
Trading volume: $14.14
Marking behind Bitcoin is Ethereum, which dominates 17.3% of the entire crypto market. Over the past 24 hours, the currency has seen an increase in trading activity, reaching $14.1 billion in trading volume.
However, the price of Ethereum has been somewhat disappointing as the crypto community expected the value to surpass $4,000, especially after the approved Ethereum ETF. The token suffered a drop of 0.35% and 7.96 in the last day and week respectively to trade at $3,515.59 today.
According to CoinMarketCap, ETH is positioned as the second largest among cryptocurrencies, boasting a market value of US$422.4 billion. The token has a circulating supply of 120,151,114 coins.
4. USD Currency (USDC)
Trading volume: $5.78
USD Coin, another popular stablecoin, is experiencing notable trading volume. Quoted at exactly US$1.00, USDC maintained stability with an increase of 0.01% in the last day and an increase of 0.01% in the last week. The coin is valued at $32.6 billion with a trading volume of $5.8 billion in the last 24 hours.
With a circulating supply of 32,580,569,954 USDC, this stablecoin is commonly used for trading, transactions, and as a shelter during turbulent market conditions. USDC’s role in decentralized finance (DeFi) platforms increases its usefulness and trading activity.
5. First Digital USD (FDUSD)
Trading volume: $5.35
Another stablecoin that has become popular in the market is First digital dollar, recording a 24-hour trading volume of $5.3 billion. The coin is trading today at US$0.9989, demonstrating a downward trend, decreasing slightly over the last day and week, respectively.
FDUSD has a market value of US$2.6 billion, ranking 41st among cryptocurrencies.
There are currently 2,606,822,770 FDUSD in circulation, with increasing use in Asia for trading and as a digital asset
Conclusion
In the midst of a market crisis, stablecoins such as Tether, USD Coin and First Digital USD are maintaining their important positions, offering stability and liquidity. Meanwhile, Bitcoin and Ethereum continue to be the top choices for trading, indicating their strong market presence and sustained appeal to investors. During this recession, the trading activities of these cryptocurrencies will continue to be important indicators of general market sentiment and trends.