As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply

As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply

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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:

Stablecoins Volume

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

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has dropped 14% in value.

Below is a chart showing the trend in Bitcoin’s price over the past 6 months:

Bitcoin Price

BTC continues its downtrend | Source: BTCUSD on TradingView

Bitcoin has finally dropped out of the $30k to $35k range that the