USD Coin price is currently trading at $0.999137, down 0.2 percent in the last seven days, data from Coingecko show, Saturday.
USDC hit its all-time high three years ago or on May 8, 2019, at $1.17. The coin registered its all-time low last year on May 19, 2021, at $0.891848.
It has a total of 55 billion coins in circulation and has a trading volume of $5,576,310,766.
Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions
USD Coin Remains Bearish With LTT Score Of 23
The long-term technical score of USDC is now at 23 which gives away a weak and bearish standpoint based on its long-term trading movement.
USDC trading volume is currently below the seven-day average seen in the last 24 hours or with a total trading volume of 6,391,817,313 as of 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 have been inconsistent and there was no clear trend seen. More so, there is a marked choppiness in terms of price with the moving averages being crossed and has oscillated from 2,009 to 23,685 as seen in the past 29 weeks.
USD Coin Value Remains Consistent
USDC, a stablecoin founded by Centre Consortium, is fully backed and pegged to the US dollar and has a set value of $1 per coin. It’s considered a great investment and passive income stream for many crypto investors because the value doesn’t change regardless of the market volatility or economic state.
Unlike other coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu, and the like, with prices fluctuating wildly by the hour, the value of the USDC Coin remains consistent and predictable over time.
USDC total market cap at $55.3 billion on the daily chart | Source: TradingView.com
Every USD coin is also collateralized by the US dollar in a bank. This means every USDC has an equivalent US dollar in storage. A fresh new coin is created and backed in a separate bank account by demand.
It is in fact the only stablecoin that is both crypto-collateralized and fiat-collateralized. Unlike Tether, USDC is completely backed by fiat assets which makes it extremely popular and widely accepted even by traditional investors who have risk aversions against the extreme volatility and uncertainty of most digital assets.
Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55
USDC provides stability to the very erratic state of cryptocurrencies. With US dollars in the blockchain, it provides quick USDC to USD conversions, peer-to-peer transactions, e-commerce, and payments done in minutes.
Featured image from Freepik, chart from TradingView.com