Decrease in Stablecoin Capitalization by $1.52 Billion in September 2023: What Happened?
Date: 2023-10-02 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
In September 2023, the cryptocurrency stablecoin market witnessed a significant loss of $1.52 billion. This has raised notable concerns among investors and analysts. Stablecoins, as cryptocurrencies pegged mainly to the US dollar, represent a crucial part of the cryptocurrency market. But what lies behind this drop in market capitalization, and which coins were most affected?
Sudden Capitalization Drop: Why Did $1.52 Billion Disappear?
Looking at the data, it can be seen that just 30 days ago, stablecoins were valued at $124.57 billion. This underscores that over the course of September, the total value dropped by $1.52 billion. This sudden drop has not gone unnoticed by market participants and analysts, raising an important question about the reasons for such a sharp decline.
Leaders and Laggards: Which Stablecoins Were Most Affected?
In this situation, it's impossible not to pay attention to Tether (USDT), which increased its supply by 0.5% and ended the month with a valuation of $83.22 billion. Being the largest stablecoin by market capitalization, Tether holds 67.65% of the stablecoin market. While Tether remains strong, other leaders like USDC and DAI Makerdao suffered significant losses.
Trueusd (TUSD): The Largest Growth Among the Top Five Leading Stablecoins
In September, the supply of Trueusd increased an impressive 18.6% compared to the previous month, reaching $3.44 billion. Among the top five leading stablecoins, TUSD claimed the title of the largest growth, which may indicate the coin's prospects in the current market conditions.
BUSD and Others: Who Suffered the Most
While some stablecoins showed growth, others experienced substantial losses. For instance, the BUSD coin found itself on the downside, losing 26.4% of its supply and valuing at $2.25 billion. This significant decline highlights the volatility of the stablecoin segment.
The Stablecoin Market at a Low
September 2023 proved to be a time of significant changes for the stablecoin market. With a total capitalization of $123 billion, the market reached a low not seen since September 2021. These events raise numerous questions about the future of this cryptocurrency market segment and require careful analysis by investors and analysts.
