Why is crypto down today? A stablecoin shift appears on the horizon

Why is crypto down today? A stablecoin shift appears on the horizon

The global cryptocurrency market is witnessing correction with some investors shifting focus to stablecoins.

According to data provided by CoinGecko, the total crypto market cap slipped by 04% in the past 24 hours — falling from $2.38 trillion to $2.34. The global daily trading volume, however, increased by 27%, surpassing the $52 billion mark.

Why is crypto down today? A stablecoin shift appears on the horizon - 1
Global crypto market cap – May 13 | Source: CoinGecko

Data shows that stablecoins are dominating the total trading volume with USDT ranking first — with over $34.5 billion in daily trading volume. Per CoinGecko, the largest stablecoin has a total market cap of $110 billion at the time of writing.

Moreover, the 24-hour trading activity involving USDC also surged by 22%, reaching $3.56 billion.

FDUSD also witnessed a 46% increase in daily trading volume, surpassing the $4.5 billion mark. On the other hand, DAI’s 24-hour trading activities plunged by 17.2%, falling to $652 million.

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