In the world of digital money, something interesting is happening. Even though Bitcoin, a very well-known type of digital money, isn’t growing as fast as it used to, there’s another type of digital money called stablecoins that is becoming more and more popular. People who know a lot about digital money say this shows that many people are still excited about investing in these digital coins.
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- More and more stablecoins are being made and used, showing that people are still really interested in digital money, even though Bitcoin isn’t growing as fast as before.
- Bitcoin’s price has gone down a bit since it was really high in March, but there are more stablecoins available now than ever, which means a lot of people still like them.
- Some experts think Bitcoin might start to grow again, and they believe stablecoins help keep the digital money world steady and make people feel good about investing in it.
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Stablecoins Show Resilience as Bitcoin’s Growth Slows
Bitcoin reached a super high price of more than $73,500 around the middle of March. But after that, it had a hard time staying above $70,000. Some people thought this was because they weren’t sure if the people in charge of money in the country would make it cheaper to borrow money in June. Right now, you can buy Bitcoin for $66,300, which is 10% less than its highest price.
On the other hand, the amount of stablecoins like Tether (USDT), USD Coin (USDC), and DAI (DAI) available has gone up by 2.1%, reaching a record $141.42 billion. These three kinds of stablecoins are very important because they make up more than 90% of the stablecoin market. This big number is the highest it has been since May 2022, and it has gone up by more than $20 billion this year.
People who study the market say that the increase in the amount of stablecoins is a good sign. It means more money is coming into the world of digital money. According to a group called Reflexivity Research, the fact that there are more and more stablecoins shows that people are still very interested in cryptocurrencies.
Stablecoins are getting more popular for trading because their value doesn’t go up and down as much as other digital money. This makes them a safer choice for people who don’t want to risk their money too much. Since the end of 2021, more people have started to use stablecoins for trading instead of other types of digital money that can change in value a lot.
Some special calculations also show that Bitcoin might start to grow again. These calculations help people understand if the price of Bitcoin is too high or too low compared to what it should be. Right now, these calculations say that Bitcoin is not too expensive and not too cheap, which means it might start to grow again.
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