{"id":14128,"date":"2022-10-17T23:28:17","date_gmt":"2022-10-17T23:28:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/usdcs-market-cap-sheds-close-to-4-billion-in-less-than-20-days-binances-busd-climbs-3-altcoins-bitcoin-news\/"},"modified":"2022-10-17T23:28:17","modified_gmt":"2022-10-17T23:28:17","slug":"usdcs-market-cap-sheds-close-to-4-billion-in-less-than-20-days-binances-busd-climbs-3-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/usdcs-market-cap-sheds-close-to-4-billion-in-less-than-20-days-binances-busd-climbs-3-altcoins-bitcoin-news\/","title":{"rendered":"USDC\u2019s Market Cap Sheds Close to $4 Billion in Less Than 20 Days, Binance\u2019s BUSD Climbs 3% \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today\u2019s $44.93 billion. Statistics show that during the last three months, USDC\u2019s market valuation has dropped by more than 19%, shedding approximately $10.59 billion.<\/strong><\/p>\n

USDC Sheds $3.89 Billion in 19 Days, $10.59 Billion in 3 Months<\/h2>\n

More than $10 billion worth of the stablecoin USDC has been erased from the project\u2019s market capitalization since July 7, 2022. Bitcoin.com News reported<\/a> on USDC\u2019s market cap sliding much lower on September 28, 2022, or roughly 19 days ago. Metrics show usd coin (USDC), issued by the Centre consortium<\/a>, is the fourth largest cryptocurrency today by market capitalization and the second largest stablecoin by market valuation, under tether (USDT<\/a>).<\/p>\n

\"USDC\u2019s
USDC\/USD via Gemini on October 17, 2022.<\/figcaption><\/figure>\n

USDC\u2019s market valuation actually rose after the Terra blockchain fiasco and UST depegging incident five months ago, while billions of tethers were removed from circulation at the time. After UST (now called Terrausdclassic USTC) imploded, usd coin\u2019s (USDC)<\/a> market cap increased by 9%, while tether\u2019s (USDT)<\/a> valuation dropped by more than $12 billion in two months\u2019 time. In more recent times, USDT<\/a>\u2019s market cap is growing slowly as it increased by 0.6% during the last 30 days.<\/p>\n

\"USDC\u2019s
USDC market cap over the last month.<\/figcaption><\/figure>\n

However, 30-day statistics show that USDC did the opposite as the stablecoin\u2019s market capitalization shed 10.6%, according to coingecko.com\u2019s top stablecoin stats<\/a>. Since our last report on USDC\u2019s market cap deflating, roughly 3.89 billion in USDC has been removed from circulation. Since the July 7 market cap of around $55.52 billion, USDC\u2019s valuation has dropped by approximately $10.59 billion in roughly three months\u2019 time.<\/p>\n

BUSD Market Cap Swells by 3% in 30 Days, Binance Backed Stablecoin Captures Double the Trade Volume USDC Commands<\/h2>\n

The news follows Binance and Wazirx auto-converting USDC holdings held on the aforementioned exchanges into the stablecoin BUSD. The Binance-backed stablecoin BUSD has seen its market valuation grow by 3% during the last 30 days.<\/p>\n

Out of the top ten dollar-backed stablecoin assets, BUSD, USDD, and GUSD were the only stablecoins that saw 30-day growth. USDD increased by 4.3% last month, while GUSD saw the largest increase out of the top ten after rising 9.7% last month.<\/p>\n

There\u2019s still quite a long way to go until any other stablecoin comes close to USDC\u2019s size but BUSD is close to halfway there today. While USDC has a market capitalization of around $44.93 billion, the Binance stablecoin BUSD has a valuation of around $21.29 billion.<\/p>\n

BUSD\u2019s market cap represents 47.38% of USDC\u2019s size and BUSD\u2019s 24-hour global trade volume is higher. Today, USDC has around $2.96 billion in swaps, while BUSD commands $6.02 billion in global trade volume in the last day.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
Altcoins<\/a>, Binance<\/a>, Centre Consortium<\/a>, Circle<\/a>, Circle’s usd coin<\/a>, Circle\u2019s USDC<\/a>, Dollar Backed<\/a>, Fiat<\/a>, fiat currencies<\/a>, Market Caps<\/a>, Robinhood<\/a>, Stablecoin<\/a>, Stablecoin Caps Deflate<\/a>, Stablecoin Economy<\/a>, Stablecoin Market caps<\/a>, stablecoin USDC<\/a>, Tether<\/a>, usd coin<\/a>, USDC<\/a>, USDC Market Cap<\/a>, USDC stablecoin<\/a>, USDT<\/a>, Wazirx<\/a><\/div>\n<\/div>\n

What do you think about USDC\u2019s market cap dropping close to $4 billion in less than 20 days? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n