Data reveals that there has been a spike in stablecoin activity in the last 48 hours as the cryptocurrency market capitalization fell from its $2 trillion status to as low as $1.55 trillion, as investors try to mitigate the losses caused by the market sell-off.
On Friday, flagship cryptocurrency asset Bitcoin fell below its $40,000 support zone to trade as low as $34,349.25, losing approximately $5,250 in one day, representing a 12.83% decline. For the year, Bitcoin is down approximately 25%, signalling the start of a cryptocurrency bear market.
Altcoins have had it worse as they have lost over 30% in value, from $1.35 trillion at the beginning of the year, to currently stand at $919 billion, losing approximately $431 billion in market capitalization. This has effectively caused the altcoin market to lose its trillion-dollar status as they all post double figure losses, so far, for the year.
The last time we saw stablecoin activity this high was between the 5th and 7th of January 2022, when Bitcoin lost approximately $7,000 from $47,000 to trade as low as $40,600 during the period. Investors are reminded that cryptocurrencies are speculative assets and are advise to trade with caution.
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