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Stablecoins continue growing amid cryptocurrency crisis

The recent outbreak of Covid-19 has turned the whole financial system upside down. Markets crashed in Europe, cryptocurrency prices declined rapidly, and economics around the world were severely affected. 

However, the recent decline in cryptocurrencies has prompted many stablecoins to rise in the market cap ranking; six cryptocurrencies have risen to be in the top 50.

While most of the cryptocurrencies have their market capitalization significantly diminished in the past month, the slump of the market has a positive impact on stablecoins and pushed them forward in the market rankings.

Right now, six stablecoins are among the top 50 crypto assets.

USDT ranks fourth

The largest stablecoin by capitalization, Tether (USDT), is currently the fourth largest cryptocurrency with a market capitalization of $4.66 billion. In spite of the USDT's total market cap rising just 0.5% in four weeks, Tether has moved up in the list since ranking seventh by a cap on February 15.

However, due to the fall in the prices of the assets with which the USDT is traded, the volume of Tether has fallen 20%, from USD 48,000 million to USD 60,000 million in the same period.

Stablecoins become more effective than cryptocurrency

Amid recent events, stablecoins manage to be stable despite coronavirus. The gambling industry apparently tries to adopt it as a way of payment to its services alongside cryptocurrency. They are using stablecoins because they provide more stability, security, and decentralization, hence making it favorable for customers. Playamo casino online looks forward to pioneering this trend and a representative of this brand Russell Biehn declared the casino ‘would thoroughly check all the measures to incorporate stablecoins effectively’. In particular, developers have been massively involved in the project. It is not a surprise at the present moment because stablecoins tend to be more resilient against the ec...

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