Over the past month, the market cap of all existing stablecoins has fallen by more than 2%, down nearly $2.98 billion since the end of October. Statistics show that Tether, the largest stablecoin by market valuation, has seen its market value lose more than 5% over the past 30 days. Tether’s market cap has fallen from $69.13 billion last month to $65.48 billion today.
Stablecoin economy plummets, Tether loses 5% market capitalization
Stats show that over the past 30 days, the market valuation of the stablecoin economy has fallen by approximately 2.02%. On October 31, 2022, the value of the stablecoin economy was $147.03 billion and today, it is down to $144.05 billion.
Furthermore, the market capitalization of all stablecoins out there is much lower than it was two months ago, with the market capitalization down 4.83% from $151.37 billion to $144 billion today. The data shows that Tether (USDT) has seen its market capitalization drop by 5% from $69.13 billion to the current $65.48 billion.
However, the second-largest stablecoin by market cap, the US dollar (USDC), has seen its market valuation increase over the past 30 days, jumping almost 1.5% higher. The valuation of the BUSD stablecoin continues to grow month by month and has gained 4.8% over the past 30 days. Among the top five stablecoins today, BUSD’s market capitalization has grown the most over the past month.
Makerdao’s stablecoin DAI has fallen 9.7% in the past month and the stablecoin’s market capitalization has been the biggest loser among the top ten dollar-pegged altcoins. On October 31, the market capitalization of DAI was approximately $5.77 billion and today, it is $5.20 billion. With Tether and DAI leading losses over the past month among the top ten stablecoins, frax (FRAX) trailed behind two tokens that fell around 3.1% last month.
The stablecoin trading volume has dropped significantly over the past two months but the tokens still account for the majority of the day’s trading. For example, on September 27, 2022, stablecoins accounted for $205 billion of the $225 billion in global trades. On October 31st, stablecoins recorded $55.91 billion in total worldwide crypto trade volume ($71 billion).
Over the past 24 hours, stablecoins accounted for $37.73 billion, and the total trade volume between all cryptocurrencies in existence today is nearly $46.56 billion. This means that of the $46 billion in trades among all crypto assets, stablecoins account for 81.04% of those trades.