According to crypto analyst Andrew T (@Blocknalia), a member of the Nansen.ai team, the smart money has yet to show interest in purchasing USDC. In a recent tweet, he revealed that the recent re-peg of USDC was primarily driven by retail investors, while institutional and retail investors remain hesitant.
Andrew T’s tweet reveals that the collective USDC holdings of smart money wallets and addresses have reached multi-month lows.
USDC has successfully regained its peg to the U.S. Dollar, with a notable 3.27% increase in price over the past 24 hours, as reported by CoinMarketCap. As of press time, USDC is currently valued at $0.9911. This positive development reflects the stability and reliability of USDC as a digital asset and reinforces its position as a trusted currency in the crypto market.
USDC has ascended to the pinnacle of CoinMarketCap’s trending roster within the past 24 hours. The second spot on the list is occupied by the meme token Shiba Inu (SHIB), with TABOO TOKEN (TABOO) following closely behind.
USDC currently holds the second-largest stablecoin in market capitalization, boasting an impressive estimated market cap of $40,753,440,721. This also places it as the fifth largest cryptocurrency project by market cap, sitting just below Binance Coin (BNB) at number four and above Ripple (XRP) at number six.
Tether (USDT), the primary rival of stablecoin, holds the top spot in terms of market cap, with a combined estimated value of $71,811,531,724 at present. This places USDT as the third-largest cryptocurrency project by market cap, trailing only Bitcoin (BTC) and Ethereum (ETH).
Despite the recent volatility and fear, Tether has impressively managed to uphold its peg with the U.S. Dollar in the ever-changing crypto market.
