Much of this month has been a time of turmoil for markets across the world. Even Bitcoin, the primary cryptocurrency, has fallen from $8000 to $5000. Currently, there are no clear signs of whether bulls are going to take control, but Bitcoins current oddly high correlation with traditional assets has held its price low. While many cryptocurrencies are now sitting on the stands, stablecoins have picked up. After the recent market meltdown, there had been a
rapid growth in the stablecoin demand.
As it stands now, it might look difficult saying when the bulls will take over the market because each day comes with more news on what the deadly virus is causing in different countries therefore leading to further uncertainty and panic and since panic has a negative effect on the market leads to more dump. It can now be seen that in order to limit the losses caused, people sell to stablecoins which is why the demand is increasing rapidly. As for me, I think it is better to save capital as it will come handy at the right time, in this case whether fiat or stablecoins as well as holding those coins we believe in.