The overall cryptocurrency market is in a bear market right now, but that doesn’t mean that every part of the market is experiencing a decline. In fact, we have seen quite a few positive developments in the last week as a lot of altcoins have been making new all time highs.
The community of Bitcoin users is as diverse as the digital currency itself and the world of cryptocurrency has continued to expand with the recent development of a DAO. The majority of Bitcoin users are still actively mining Bitcoins, but the recent introduction of a decentralized autonomous organization known as The DAO has brought the values of BUSD and USDC to the forefront of the crypto-currency community.
Bitcoin is coming. And it’s coming fast. Bitcoin is the future of money. It’s the future of crypto. It’s the future of EVERYTHING. BUSD is the Bitcoin based token that powers the onionpool platform. It’s the future of commerce. It’s the future of everything. And we think USDC is the future of US dollar based token. Both BUSD and USDC will be issued on the blockchain, and will be exchange-able in a decentralized marketplace for goods and services.Summary:
- The market values of the USDC and BUSD continue to rise regardless of the current state of the cryptocurrency market.
- However, the USDT has not grown significantly and foreign exchange reserves are declining.
The market capitalization of Dollar Stablecoin, USD Coin (USDC) and Binance USD (BUSD) continues to rise despite the bearish state of the crypto-currency market. The growth in the supply of stablecoins is driven by the increase in demand and can sometimes serve as an indicator for crypto analysts and traders to predict future market conditions.
Growth in supply of BUSD, USDC registries
Since the first few months, the market capitalization of Binance’s Stabelcoin has increased significantly due to the growing demand in the global market. This is probably due to the market confidence, cheapness and speed of data processing on the blockchain network compared to Tether (USDT), which was based on Ethereum.
Even in this down state, the outstanding supply of the BUSD continues to increase. BUSD currently has a market capitalization of over $9 billion and ranks 10th among cryptocurrencies. Binance’s stablecoin is worth over $8 billion since the beginning of this year (from $1.05 billion to $9.6 billion), which is a growth of over 810% since the beginning of this year.
Similarly, supply in the USDC market has surpassed $25 billion following the recent USDC strike of $29.3 million.
USDT foreign exchange reserves falling
Since the bears took over the market, Tether has not shown much growth in the larger stable currency USDT. In fact, USDT reserves on all cryptocurrency exchanges have been falling lately, according to CryptoQuant. Nevertheless, USDT still holds the lion’s share of the market and its market capitalization is larger than that of USDC and BUSD combined.
The increase in the supply of Staplecoins, especially USDT, reflects to some extent the appetite of investors to buy coins. However, it is not yet clear what the outcome will be this time as the USDT reserve is dwindling and there is no massive USDT strike.The number of users on the US dollar and Bitcoin United States Dollar Decentralized Autonomous Currency (USDC) crypto–currency exchanges are growing rapidly, despite the current bear market. On the USDC exchange, the pair BUSD has seen the most growth, jumping 100% in the last few days. According to data on coinmarketcap.com, the total BUSD market capitalization stands at $53,817,264, with a daily trading volume of $4,511,837.. Read more about messari pro and let us know what you think.
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