Much needed stability in the crypto market as stablecoins gain momentum

For anyone even remotely familiar with cryptocurrencies it’s yesterday’s news that the market has been experiencing some difficulties in the past months. In the last two days, however, as a surge has been observed with stablecoins like USDT developing positively.

More and more stablecoin projects have been added to the market, and with the recent downfall of other altcoins, they are getting some recognition. Also, many investors, afraid of the market swings, have pulled out money from other coins, investing in stablecoins instead. The latter is the digital form of fiat currencies and as such provide much more stability.

On December 17th Tether entered the Top 5 by market cap and even if it stayed there for a short amount of time, the asset still ranks at 6th as of December 18th. This is excellent news for USDT which was trailed with controversies and lost $700 million of its market cap. At least, for now, it seems the cryptocurrency has managed to stabilize and recover.

EOS has seen an impressive 25% growth and has raised to №4, surpassing Stellar Lumens. The altcoin platform demonstrates the healthiest performance in the Top 20 currencies by market cap and has seen a rise in price. This may be attributed to recent popular activities like the 3-week workshop and hackathon in India and a Global Hackathon in South Africa.

In comparison, other popular crypto assets like Litecoin and BitCoin Cash have dropped down in the ranking. This may be due to the fact that investors seek more stability on the one hand and BitCoin Cash’s hash war that brought negative publicity, on the other.

Overall, the market is moving in a positive direction, with BTC finally rising in price which climbed to over $3500. ETH and XRP have also grown with 7-15% in the last few days.