Bitcoin (BTC) Price Hits a Year Low as Stablecoins Remain in the Green
November 14 was a bad day for bitcoin. The price of the cryptocurrency plunged double digit percentage to trade at year low.
However, as BTC experienced it woes, stablecoins were able to hold their ground to remain in the green, providing a safe haven for investors looking to mitigate loses.
Demand for Stablecoins Surge
Not just bitcoin; the entire cryptocurrency market was in the red. The only noticeable coins that remained in the green were the dollar-pegged coins. As the prices of bitcoin and other cryptocurrencies continued to plunge, charts showed increased activity for stablecoins as their demand grew sharply.
For instance, Trueusd (TUSD) and Paxos (PAX) recorded incredible growth, surging to trade at $1.07 and $1.05 respectively. Out of all the listed coins on Binance, these two dollar-pegged coins were noticeably the biggest gainers.
The gain recorded by stablecoins was also reflected across all other popular exchanges, with those that list Gemini dollar seeing a surge too to trade at $1.03. Tether, which recently made headlines after it dropped to $0.88, has attracted trades who want to make profits from its changing prices.
Although the well-known stablecoins were exchanging hands at $1 at the time of the deep, there are several that were still trading below the $1 mark. These include Bitusd, which was trading at $0.83 and Dai, which was hovering around $0.97.