As a researcher with extensive experience in the cryptocurrency market, I’ve witnessed numerous corrections and shifts in investor sentiment. The recent correction, as evidenced by a 4% decrease in the total crypto market cap and an increase in daily trading volume, is a clear sign that some investors are seeking safety in stablecoins.
Some investors are currently moving their attention from the global cryptocurrency market, which is undergoing a correction, towards stablecoins instead.
Based on information from CoinGecko, the total cryptocurrency market capitalization decreased by 4% in the last 24 hours, dropping from $2.38 trillion to $2.34 trillion. In contrast, the daily trading volume worldwide experienced a significant rise of 27%, exceeding $52 billion.
According to current data, stablecoins are leading the way in trading volume, with USDT taking the top spot at around $34.5 billion daily. As reported by CoinGecko, the largest stablecoin boasts a market capitalization of approximately $110 billion.
Moreover, the 24-hour trading activity involving USDC also surged by 22%, reaching $3.56 billion.
The daily trading volume of FDUSD rose by 46% and exceeded $4.5 billion. In contrast, the trading volume of DAI experienced a decline of 17.2%, reaching only $652 million in the last 24 hours.
Based on the information I’ve gathered from CryptoQuant, the overall bearish sentiment across the crypto market is presently dominant. However, the Coinbase Premium indicator suggests a cautious approach, urging us to exercise patience before making any significant moves.
Based on past trends with Coinbase Premium, it might be wiser to hold off on investing for the time being and observe the market’s movements before making a move.
— CryptoQuant.com (@cryptoquant_com) May 13, 2024
According to the examination, the Coinbase Premium trend is presently sitting in a favorable position, as traders remain poised for the recurrence of this pattern for the fifth time over the last two years.
Based on historical trends, it could be advantageous to hold off on investing for a while and consider putting your funds into the market once the downward trend has passed. In simpler terms, if past patterns are any indication, waiting and investing during market recoveries might increase your chances of success.
Currently, 19 out of every 20 top cryptocurrencies according to CoinGecko are displaying negative numbers, indicating a loss. However, Bitcoin (BTC) has managed to rise by 1.4% over the past day and is now priced at $61,660 as we speak.
I’ve experienced a noteworthy increase of 0.6% in Ethereum (ETH) value within the last day, now trading at an impressive price point of $2,925.
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2024-05-13 11:22