The global cryptocurrency market is undergoing a correction, with some investors shifting their focus to stablecoins.
According to data provided by CoinGecko, the market capitalization of cryptocurrencies fell by 04% in the past 24 hours, decreasing from $2.38 trillion to $2.34 trillion. However, global daily trading volume increased by 27% to more than $52 billion.
According to the data, stablecoins dominate the total trading volume, with USDT ranking first, with daily trading volume of over $34.5 billion. According to CoinGecko, the largest stablecoin has a market capitalization of $110 billion at the time of writing.
Additionally, the value of 24-hour transactions involving USDC also increased by 22% to $3.56 billion.
FDUSD also saw its daily trading volume increase by 46% to over $4.5 billion. Meanwhile, DAI's 24-hour trading activity plummeted 17.2% to $652 million.
According to CryptoQuant data, the overall bearish momentum in the market comes from Coinbase Premium trends indicating a “wait and see” trend.
According to our analysis, Coinbase Premium momentum is currently hovering in the positive zone, with traders patiently waiting for the pattern to repeat for the fifth time in the past two years. Analysts wrote:
“If historical patterns repeat, waiting a little longer and capitalizing on the rebound after a negative trend may increase your chances of success.”
According to data from CoinGecko, 88% of the 200 major cryptocurrencies are currently in the red zone. Despite the decline, Bitcoin (BTC) is up 1.4% in the past 24 hours and is trading at $61,660 at the time of reporting.
Ethereum (ETH) price has increased by 0.6% over the past day and is currently sitting at $2,925.
