USD Coin (USDC), a prominent stablecoin pegged to the US dollar, is currently trading near parity with the US dollar at a price of $0.999559 as of July 10, 2023. Over the past 24 hours, USDC's price has remained stable, ranging from $0.997957 to $1.00. This stability is in line with the primary purpose of stablecoins, which is to offer the benefits of cryptocurrency without the volatility typically associated with digital assets.
As of the current date, USDC boasts a market capitalization of approximately $27.47 billion. This places USDC as the #5 cryptocurrency in terms of market cap, reflecting its significant role in the digital asset market.
The total supply of USDC is just over 27.5 billion, all of which is currently in circulation. This high circulation level indicates a robust demand for USDC in the market.
The 24-hour trading volume for USDC is about $2.02 billion. The volume-to-market cap ratio, also known as the turnover ratio, stands at 0.0516. This means that about 5.16% of the total USDC supply is traded daily, indicating a high level of liquidity for this stablecoin.
USDC's market cap dominance currently sits at 2.261%. This measure indicates that USDC represents a little over 2.26% of the total market cap of all cryptocurrencies, demonstrating its importance in the global cryptocurrency market.
Looking ahead, given the continuing trend of increased adoption of digital assets and the role of stablecoins in mitigating volatility, the demand for USDC is likely to remain strong. Considering its current market cap, volume, and the stability it provides, USDC is well-positioned to maintain its significant presence in the cryptocurrency market. As always, the performance of all cryptocurrencies, including USDC, is subject to market conditions and may vary accordingly.