Bitcoins Dips Below $42K As Investors Scramble For Stablecoins.
The price of bitcoin dipped under the $42K zone on Thursday to $42,430 per unit affecting the entire crypto-market and shedding billions in value. At the time of this report, the overall crypto economy is down 4.5% as it fall to $2.25 trillion in value.
Crypto assets that didn’t get affected by BTC’s downward slide include chainlink (LINK), Multichain (ANY), and leo token (LEO). Convex finance (CVX), spell token (SPELL), and axie infinity (AXS) suffered the biggest losses during the market rout.
According to Bitcoin News, the stablecoin market captures $58.8 billion of today’s $98.5 billion in trades. Out of the $2.25 trillion today, stablecoins represent $166.4 billion of the value.
Currently, BTC’s market cap is around $836.2 billion in value while ethereum’s (ETH) is $427.7 billion. BTC dominance has dropped significantly and to the lowest point in more than three and half years.
BTC dominance today is 37.5% the lowest its been since June 2018, while ETH dominance is 19.2%.
At press time, BTC is holding above $44K per unit but has a $ 24-hour range of $46K to $43.7K on Wednesday. Stablecoins have also been feeling the brunt as many are trading a cent or two under the $1 peg
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