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Stablecoins Soar in Value as Everything Else in Crypto Shrinks

  • Massive Bitcoin drawdown, price swings boost stablecoin appeal
  • Traders are parking cash in stablecoins in haven bid: Malcolm

The hottest spot in crypto right now is coins with prices that don’t move.

Stablecoins, cryptocurrencies which peg their value to assets such as the U.S. dollar, have ballooned in size over the past few months as Bitcoin and other coins whipsaw. The total market capitalization of stablecoins currently stands around $180 billion, up from roughly $38 billion a year ago, Coin Metrics data compiled by The Block show. By comparison, the total crypto universe is largely stagnant over the past year.