Dominance Debrief: 12/08 – 12/14
Last week, the House Financial Services Committee called a hearing regarding crypto trading platforms and stablecoins. The hearing, which took place in the wake of sizable drops in bitcoin and altcoin prices alike, was missing a notable voice: Tether, the largest stablecoin issuer on the market.
Amidst weeks of volatile markets, there has been an uptick in USDT dominance. Despite Dogecoin being on the rise again, many altcoins with stronger fundamentals such as Polygon ($MATIC) and Cosmos ($ATOM) have faltered throughout the week.
“When there’s a downturn in the market, traders often hedge with stablecoins to mitigate volatility in their portfolios,” said Michal Cymbalisty, co-founder of Domination Finance. “Considering the large price fluctuations that have been happening across the board, it’s no surprise that people are utilizing conservative trading strategies and reducing risk.”