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USDC Market Cap Soared More than $4 Billion in May

USD Coin(USDC) was among the couple of digital currencies that had the ability to stand up to the selling pressure that swallowed up the marketplace in May causing an increase in among the most pre-owned stablecoins.

The token stays a leading 5 digital property by market capitalization in June. According to Be[In] Crypto Research, USDC closed the 5th month of the year with a market capitalization in the area of $5392 billion.

This marked an 8% boost from the opening day’s market price. On May 1, USDC saw a trading volume of $3.76 billion, which represented a market capitalization of roughly $4929 billion.

USDC
Source: USDC Historical Data from CoinMarketCap

Why the skyrocketing market capitalization?

The high need for the stablecoin by crypto platforms and financiers throughout the peak of the market crash in May can be credited to the spike in the market capitalization of the token.

In May, the variety of big deals peaked in the week of May 9 to15 Throughout the week, the token was associated with 97,140 deals. With that stated, the variety of big deals reached a peak of 23,690 at a rate of $0.966500 on May 12.

Source: May 2022 Number of Large Transactions Chart by Into the Block

This referred a deal volume of 41.45 billion tokens at the very same cost.

USDC
Source: May 2022 USDC Total Volume in USDC Chart by Into the Block

The overall deal volume of 41.45 billion USDC increased by $0.966500 equates to $4006 billion.

Source: May 2022 USDC Total Volume in USD Chart by Into the Block

On May 12, it opened at $1, reached an intraday high of $1.01, evaluated an intraday low of $0.9995, and closed the day at $1.

The trading volume for the day was $1861 billion and this referred a market capitalization of $4959 billion, a 0.61% boost from the opening day’s market price.

Due to increasing need to avoid big portion losses, the coin recovered its peg throughout the month.

USDC rate response

USDC opened on May 1, at $1, reached a regular monthly high of $1.01 on May 12, evaluated a monthly low of $0.9993 on May 10, and closed the month at a trading cost of $1. In general, there was no modification in the opening and closing cost of the token in May.

Source: USDC/USD Chart by TradingView

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