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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