Report: USDC Volume Collapsed in May Despite Market Recovery

[SRShanuka2020]

Report: USDC Volume Collapsed in May Despite Market Recovery

A June 5 report compiled by CryptoCompare and shared by BitMEX Research shows that a positive trend in cryptocurrency exchange volumes began in 2020, though USD Coin's (USDC) market share plummeted in May.

The report analyzed exchange volume trends in 2020, taking into account both spot and derivatives. As Cointelegraph previously reported, derivatives and especially options gained market share in recent months.

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[jonathancool220]

Yes indeed for USDC is less interested than USDT which keeps shining its coins.

USDC has few innovations that only rely on the network from erc20.
Take a look at the USDT which is now successful with networks from OMNI, ERC20 and TRC20. Maybe this is a business rival in the stable coin market but the USDC must also rise from this downturn !!

[masudginanjar]

It is still normal for stable USDC coins because stable coins do not have many changes in the price issue.
Even if there are traders who sell cheap prices, it's foolishness because we all know that USDC is a stable price.

Vice versa, if there are traders who sell at high prices then it might not be done because the price is also stable as it is 1:1 USD.

[aiviaa485]

Its name is also stable, so it is definitely difficult to recover because the coins are stable and cannot be forced to Pump.
It will only take a few more moments when the market happens to dump then the altcoins will decline and USDC will again increase in volume.

-Maybe as a picture like this:
  =Market is rising: USDC is stable or decreasing in trading volume.
  =Market is down: USDC will increase in trading volume.

[damsix]

It is not yet time for the USDC to recover from this market state because it is a cryptocurrency.
Everyone knows that cryptocurrency is full of surprises and uncertainties.

That includes the USDC which is a stable coin and this is a start to seek recovery in the market, so maybe patience is the key.

[kent47400]

It is very natural for USDC to decrease its market cap because USDC really has its own character as a stable coin that can be chosen at any time by various investors and traders for a better future asset.
I see that the USDC market cap is now rising again and it is still recovering because the higher the market cap, the USDC is also being chosen by all investors.

[gunhell16]

My latest news here on USDC is that it will be removed from the list of stablecoins in binance, besides that, other stablecoins will also be removed, I just don't know if busd will be removed from Binance apart from usdc? I'm having a bit of a problem with Fiat, I just don't know if I'm right in what I'm thinking.

This is a bit of bad news for traders who love stablecoins here in the crypto space trading business. but of course, I hope they can fix it in the end.