Stablecoin Market Capitalization Soars to 11-Month High, Taps $134 Billion
The stablecoin market capitalization has surged to its highest point in 11 months with increased network activity recorded at the start of the year.
A recent market research by cryptocurrency analytics firm, CCData shows an increase in the stablecoin market as the wider digital asset market recorded an uptick in market share, volumes, and institutional inflows.
This month, the market cap of stablecoins has notched a 2.45% increase to tap $134 billion, its highest point since February 2023. This is also an eleven-month high and a fourth consecutive month marking an increase.
Stablecoin trading volumes stood at $995 billion in December, a 27.6% increase in the month to claim the highest activity across centralized exchanges (CEX) throughout the year.
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