Crypto traders favor dollars over BTC, boosting stablecoin dominance

Crypto traders are increasingly favoring U.S. dollars over Bitcoin, leading to a rise in the market share of dollar-pegged stablecoins like USDT and USDC, CoinDesk reported. According to the outlet, Bitcoin's market dominance has fallen from 61.2% on May 5 to below 60%. Over the same period, USDT's market share increased from 7% to 7.5%, while USDC's grew from 2.8% to 3%. CoinDesk noted that this is not the first time this has occurred this year, as a similar trend was observed in late January just before Bitcoin's price dropped to $63,000.