Stablecoins are growing by dollar value but not as a share of the wider crypto market, JPMorgan says

📆 18/08/2024 21.08.00
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The market cap for stablecoins has risen by about $3 billion this month and $34 billion, or 26%, this year, according to CryptoQuant.

The market cap for stablecoins has been growing this year, which should be a good sign for the entire cryptocurrency market. The group is up by about $3 billion this month and has grown $34 billion, or 26%, this year, according to CryptoQuant. The total value is currently about $163 billion, approaching a 2022 peak of $180 billion – which it reached before the collapse of the TerraUSD stablecoin and the network's native Luna token.

Crypto has run out of steam and bitcoin's path of least resistance is to the downside, says Wolfe Research

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Stablecoins Signal Crypto Ecosystem Buoyancy as Market Cap Jumps to $164BOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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