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Stablecoin Purchases Surged Amid Wednesday’s Crypto Market Drop

Cryptocurrency NewsNov 17, 2018 06:15AM ET
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© Reuters.

The crypto market took a turn for the worse on Wednesday when it lost nearly $30 billion in total market capitalization – but not every asset struggled to find buyers.

In fact, certain stablecoins like USD-C, TUSD and DAI each witnessed a more than 200 percent increase in 24-hour trading volume amid the broader market sell-off as traders flocked to what they may have perceived to be safer alternatives in an effort to escape market volatility.

The surge in stablecoin trading volume isn’t exactly surprising, given their main use case is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile or ‘stable’ alternatives.

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Stablecoin Purchases Surged Amid Wednesday’s Crypto Market Drop
 

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