Coin Metrics, the researchers noted the increasing role of stable coins on the background of the growth of commissions and spread widening in the trade cryptocurrencies due two weeks ago turbulence.
3/ Read more in this week’s State of the Network:
The BitMEX Liquidation Spiral — Analyzing How Crypto»s Nascent Market Structure Held Up During the Crashhttps://t.co/nrjCLt23ie
— CoinMetrics.io (@coinmetrics) March 24, 2020
March 13, in the conditions of market shocks, the aggregate amount of transfers from the cryptocurrency in stabilini, which monitors the company reached a historic level of $444,2 million
Capital continued migration to stable coins, as investors there was a need for stability in the context of increased volatility.
After the outbreak of the coronavirus began to affect world markets, and offer tablconv began to grow. Analysts pointed and unusual response BTC, which joined the global sell-off in stock markets, a record showing the correlation with the S&P 500 index.
The most notable increase of 57% over the previous 30 days was noted USD Coin (USDC) from a start-up Circle.
USDT market capitalization on the Ethereum blockchain from 10 to 22 March increased by $660 million to $3.7 billion ForkLog recently announced the authorization of the Tether release USDT, that might be perceived as a signal forthcoming purchases of bitcoin whales of the market.
«The double impact of falling prices of bitcoin in USD and the mass emission tablconv led to the fact that the ratio of market capitalization to BTC the last few days have doubled,» – said the analysts of Coin Metrics calculations.
We will remind, the participants Maker Foundation approved the use of USDC as collateral in DeFi-platform MakerDAO.