Wednesday, December 6, 2023

Market Watch Dec 31: Bitcoin Remains Near $47,000, Stablecoin Economy Grows

Bitcoin has gained 1.07% in the last 24-hours but remains near $47,000. With just mere hours left for the year 2021, there are hopes for a speedy recovery to $50,000. A 2.0 phase of the Christmas hike remains to be seen.


According to the CoinMarketCap graph, BTC recovered from some loss during the US trading hours. At the time of writing this article, bitcoin’s was at $47,000. Spot trading volume remained low. Ethereum has also had gains, up by 2.04% in the last 24-hours. But the world’s second most popular cryptocurrency remains shy of $4,000 at $3,700.

On the other hand, stablecoins are looking good. Analysts are watching Tether as its market cap is less than $2 billion from reaching $80 billion. According to Coingecko, there is about 78.2 billion tether (USDT) in circulation. The stablecoin has recorded good growth.

It should be noted that in September 2015, tether’s market capitalization was $451,600 and in 2021, it gained 17,327,227% and now stands at $78.2 billion! This is a humongous leap.

The USDC has also recorded a growth of 9.7% with a market valuation of $42.1 billion. As per various reports, this stablecoin represents 1.8% of the $2.33 trillion market cap. USDC is about 52.68% – nearly half the size of tether. Like tether, USDC is pegged to the US dollars.

Meanwhile, Tesla CEO Elon Musk has also shared his thoughts on the performance of bitcoin and dogecoin in 2021. He highlighted that the dogecoin fees are very low in comparison to bitcoin. The billionaire believes the meme coin is better for transactions. Musk says BTC is better as a store of value and dogecoin is suited for payments.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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