The total market capitalization of stablecoins, excluding algorithmic ones, reached an all-time high of more than $168 billion over the weekend.
Market capitalization had fallen to about $122 billion in October, but has been steadily rising since the start of 2024.
Rachel Lucas, a crypto analyst at BTCMarkets, suggested that the rise in stablecoin market capitalization indicates increased interest from institutional investors who view stablecoins as a safe haven in uncertain market conditions.
She noted that the growing use of stablecoins by institutions underscores the shift toward integrating these digital assets into trading strategies and long-term portfolios.
The market capitalization of USDT, the largest stablecoin, has grown from $91.6 billion in January to $117.889 billion at the time of writing, now accounting for approximately 70% of the segment’s total market cap.
Crypto analyst Ali Martinez has indicated that an altseason may be imminent, a phase where alternative cryptocurrencies outperform Bitcoin.
The Pyth Network has introduced Oracle Integrity Staking (OIS), a feature designed to enhance accountability among data sources by implementing staking rewards and penalties.
Bonk Inu (BONK), a popular meme coin built on the Solana blockchain, has made a significant leap in the global cryptocurrency space.
Cryptocurrency analyst Bluntz has expressed optimism about a newly launched, cat-themed memecoin within the Binance Smart Chain.