Cryptocurrency News Today – Bitcoin’s drop in value has massively affected the market. Undeterred by this chaos is the stablecoin space. Stablecoins, are designed to minimize volatility, and they continue to be widely used in the cryptocurrency-space, despite the current poor market performance.

Stablecoins have been frantically minted following the BTC price drop on March 12. This action contributed to the stablecoin market cap increasing hugely in the same period. The markets posted two consecutive sharp increases on the ‘BTC/USD vs USDT chart for a market cap on March 12. Tether is the most dominant of all stablecoins after it registered a $4.8 million surge in its market cap.

Stablecoins Have Increased Their Dominance as Bitcoin Declined

Historically, on the days where the USDT ERC20 is minted, more than 70% of the time BTC price moves up in the next 19-27 days. Similarly, on days when the USDT Omni is minted, more than 50% of the time BTC price moves up in the next 12-24 days. It is interesting to note that, it isn’t Tether alone that has increased its dominance. Other stablecoins such as USDC, BUSD, GUSD, TUSD, and DAI have added to their dominance. The market cap of these contenders rose substantially, after surging by 38% since the lows from January.

According to the most recent report by the Coinmetrics, the market cap for the bulk of stablecoins increased. However, the market cap for regular crypto-assets dropped significantly. This indicates that investors have been piling into cash or handling cryptocurrency-cash equivalents.

Ethereum’s Market Cap Added $300 Million Between March 10 to 15

Furthermore, Coinmetrics stated that the overall market cap for Ether issued Tether [USDT_ETH] increased by $300 million from March 10 to March this year. Meanwhile, USDC increased by $150 million in market cap in the same period. Additionally, regarding exchanges, Coinmetrics remarked that 160k BTC flowed to exchanges like BitMEX, Bitfinex, Binance, Bitstamp, Bittrex, Huobi, Gemini, Kraken, and Poloniex, after the March 13 dump. This is the largest inflow posted in a single day since November 13, 2017.

Coinmetrics also added that Bittrex had the most inflows among the exchanges. It had 43.2k and 37.5k of Bitcoin inflows throughout March 12 through 13. Notably, the above report highlighted an extensive inflow into the major cryptocurrency-exchanges. The figure began to rising unusually. However, the rise started on March 8, just four days after the price fall. It was speculated that this would be a well-coordinated move by crypto-whales to dump BTC.