NFT News Daily TheBittimes.com

After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization. The market capitalization of stablecoins has hit the lowest level since August 2021 coming on the back of 16 consecutive months of decline, a new report says. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector's market cap to $127 billion. Stablecoin market dominance took a slight fall and is currently at 10.3%, dropping from 10.5% in June. Our latest Stablecoins & CBDCs Report is now live! Key Highlights: ️16-month fall in stablecoin market cap, now at $127bn ️ $USDT at $0.73, $USDC at $0.82 on #Binance.US ️ $USDP's largest cap drop since 2020, now at $593mn Full Report https://t.co/A9rFx6pbJx — CCData (@CCData_io) July 20, 2023 Of the top ten stablecoins, Pax Dollar (USDP) was hit hardest, falling 43.1% to $56...

The correlation dynamics between Bitcoin and altcoins have been ever-changing. As illustrated below, the figure stood around 80% for most assets including Cardano , Dogecoin, Shiba Inu, Solana, Avalanche, Curve Finance, etc. However now, it has already dropped below the said threshold. In fact, for assets like XRP, the number is nearing a low of around 40%. Source: Kaiko Also Read: Crypto Funds See $136 Million Inflows Amid ‘Seasonal Effects’ The Bitcoin vs. Altcoins dominance battle On the dominance part, Bitcoin has the upper hand at the moment. Over the past few months, its dominance has been able to rise from 39% to almost 52%. Yet, altcoins have collectively been finding it difficult to fare. Recently, their dominance broke above the downtrend line, but a recovery failed to fructify. Interestingly, similar setups with Bitcoin’s rising dominance and altcoins’ falling dominance have been created in the past as well. Typically, they have acted like a...