{"id":467815,"date":"2021-07-20T19:00:01","date_gmt":"2021-07-20T19:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=467815"},"modified":"2021-07-20T17:28:12","modified_gmt":"2021-07-20T17:28:12","slug":"bitcoin-below-30k-stablecoins-100-billion","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-below-30k-stablecoins-100-billion\/","title":{"rendered":"As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply"},"content":{"rendered":"

Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply.<\/p>\n

Total Stablecoin Supply Is Now More Than $100 Billion<\/h2>\n

According to a report by Arcane Research<\/a>, the total stablecoin supply has now surpassed the $100 billion mark, while Tether’s dominance is declining.<\/p>\n

Here is a chart that shows the trend in the total supply and dominance of some popular coins:<\/p>\n

\"Stablecoins<\/p>\n

The stablecoins total supply as reached a new height<\/pre>\n
There are a few interesting features in the graph. The total supply of these coins used to be only $11 billion in July of 2020, and now it seems to have risen $96 billion in the past 1 year, reaching about $107 billion today.<\/p>\n
Tether (USDT) dominated the stablecoins market back then, accounting for 83% of the total market. But today it has declined to just 58% of the supply.<\/p>\n
Related Reading | TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline<\/a><\/strong><\/em><\/p>\n
On the other hand, the second-placed coin, USDC, has seen sharp growth, and it now accounts for 25% of the market. Nonetheless, Tether is still the most dominant crypto in this sector.<\/p>\n
The company behind USDC, Circle, is currently in the process of going public with the help of a SPAC. In an investor presentation, the company revealed that they project USDC to rise to $83 billion by the end of 2022, and $194 billion by the end of 2023.<\/p>\n
Binance<\/a> USD (BUSD) places third after having overtaken DAI a few months back. BUSD has also seen some great growth over the past year.<\/p>\n
While BTC continues its downtrend and dips below the $30k mark, 2 stablecoins have made their way into the top performers for the past week.<\/p>\n
Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target<\/a><\/strong><\/em><\/p>\n
These two coins are Fei Protocol (up 0.82% in the last 7 days) and TerraUSD (up 0.08% in the past week). Here is a chart that shows how the the popular cryptocurrencies by market cap have performed in the same period:<\/p>\n
\"Bitcoin<\/p>\n
All the big coins seem to be down<\/pre>\n
As you can see in the above chart, Bitcoin and Ethereum<\/a> seem to be deep in the red.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $29.7k, down 9% in the past 7 days. Over the last month, the coin has dropped 14% in value.<\/p>\n
Below is a chart showing the trend in Bitcoin’s price over the past 6 months:<\/p>\n
\"Bitcoin<\/p>\n
BTC continues its downtrend | Source: BTCUSD on TradingView<\/a><\/pre>\n
Bitcoin has finally dropped out of the $30k to $35k range that the coin has been stuck in for the past few weeks. It could mean more price action could be coming following a very stale market with minimal volatility.<\/p>\n
Featured image from Pexels.com, charts from Arcane Research<\/a>, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply. Total Stablecoin Supply Is Now More Than $100 Billion According to a report by Arcane Research, the total stablecoin supply has now surpassed the $100 billion mark, while Tether’s dominance is declining. Here is a chart that shows the trend in the total supply and dominance of some popular coins: The stablecoins total supply as reached a new height There are a few interesting features in the graph. The total supply of these coins used to be only $11 billion in July of 2020, and now it seems to have risen $96 billion in the past 1 year, reaching about $107 billion today. Tether (USDT) dominated the stablecoins market back then, accounting for 83% of the total market. But today it has declined to just 58% of the supply. Related Reading | TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline On the other hand, the second-placed coin, USDC, has seen sharp growth, and it now accounts for 25% of the market. Nonetheless, Tether is still the most dominant crypto in this sector. The company behind USDC, Circle, is currently in the process of going public with the help of a SPAC. In an investor presentation, the company revealed that they project USDC to rise to $83 billion by the end of 2022, and $194 billion by the end of 2023. Binance USD (BUSD) places third after having overtaken DAI a few months back. BUSD has also seen some great growth over the past year. While BTC continues its downtrend and dips below the $30k mark, 2 stablecoins have made their way into the top performers for the past week. Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target These two coins are Fei Protocol (up 0.82% in the last 7 days) and TerraUSD (up 0.08% in the past week). Here is a chart that shows how the the popular cryptocurrencies by market cap have performed in the same period: All the big coins seem to be down As you can see in the above chart, Bitcoin and Ethereum seem to be deep in the red. Bitcoin Price At the time of writing, BTC’s price floats around $29.7k, down 9% in the past 7 days. Over the last month, the coin has dropped 14% in value. Below is a chart showing the trend in Bitcoin’s price over the past 6 months: BTC continues its downtrend | Source: BTCUSD on TradingView Bitcoin has finally dropped out of the $30k to $35k range that the coin has been stuck in for the past few weeks. It could mean more price action could be coming following a very stale market with minimal volatility. Featured image from Pexels.com, charts from Arcane Research, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":467827,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,15241,4100,10263],"class_list":["post-467815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-stablecoins","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nAs Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply<\/title>\n<meta name=\"description\" content=\"Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply","url":"http:\/\/uniquehot.com\/news\/bitcoin-below-30k-stablecoins-100-billion\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-below-30k-stablecoins-100-billion\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567222-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567222-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","stablecoins","tether","usdt"],"dateCreated":"2021-07-20T19:00:01Z","datePublished":"2021-07-20T19:00:01Z","dateModified":"2021-07-20T19:00:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-30k-stablecoins-100-billion\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-30k-stablecoins-100-billion\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-tima-miroshnichenko-7567222-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-tima-miroshnichenko-7567222-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"stablecoins\",\"tether\",\"usdt\"],\"dateCreated\":\"2021-07-20T19:00:01Z\",\"datePublished\":\"2021-07-20T19:00:01Z\",\"dateModified\":\"2021-07-20T19:00:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567222-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467815"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=467815"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/467827"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=467815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=467815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=467815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}