The price of coins in USD is is currently trading at $0.999137, down 0.2% over the past seven days, according to data from the Coingecko show on Saturday.
USDC hit its highest level three years ago or May 8, 2019 at $1.17. The coin recorded its all-time low last year on May 19, 2021, at $0.891848.
It has a total of 55 billion coins in circulation and a trading volume of $5,576,310,766.
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The USD coin remains bearish with an LTT score of 23
USDC’s long-term technical score is now 23, indicating a weak and bearish position based on its long-term trading movement.
USDC trading volume is currently below the seven-day average seen over the past 24 hours or with a total trade volume of 6,391,817,313 on Saturday. USD Coin currently has an active address count of 24,676.
The moving averages noted in the 20, 50, 100 and 200 hour moving averages were inconsistent and no clear trend was observed. More so, there is marked instability in terms of price with the moving averages crossing over and swinging from 2009 to 23685 as seen over the past 29 weeks.
The value of USD coins remains constant
USDC, a stablecoin founded by Center Consortium, is fully backed and pegged to the US dollar and has a fixed value of $1 per coin. It is considered a great investment and a passive income stream for many crypto investors because the value does not change regardless of market volatility or economic conditions.
Unlike other coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu, etc., with prices fluctuating wildly from hour to hour, the value of USDC coin remains constant and predictable over time.
USDC total market cap at $55.3 billion on the daily chart | Source: TradingView.com
Each USD coin is also backed by US dollars in a bank. This means that each USDC has an equivalent US dollar in stock. A new fresh coin is created and saved to a separate bank account on demand.
It is actually the only stablecoin that is both crypto-backed and fiat-backed. Unlike Tether, USDC is fully backed by fiat assets, making it extremely popular and widely accepted even by traditional investors who are risk averse in the face of extreme volatility and uncertainty in most markets. digital assets.
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USDC provides stability to the very erratic state of cryptocurrencies. With US dollars in the blockchain, it provides fast USDC to USD conversions, peer-to-peer transactions, e-commerce, and payments made in minutes.
Featured image from Freepik, chart from TradingView.com