- USDC market value continues to increase despite negative sentiment.
- USDC continues to maintain its peg in June.
- The USDC market cap was approximately $53 billion by the end of May.
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USD Coin (USDC) was one of the few digital currencies that was able to withstand the selling pressure that engulfed the market in May leading to a rise in one of the most used stablecoins.
The token remains a top five digital asset by market capitalization in June. According to Be[In]Crypto Research, USDC closed the fifth month of the year with a market capitalization in the region of $53.92 billion.
Why the soaring market capitalization?
In May, the number of large transactions peaked in the week of May 9 to 15. During the week, the token was involved in 97,140 transactions. With that said, the number of large transactions reached a peak of 23,690 at a price of $0.966500 on May 12.
This corresponded with a transaction volume of 41.45 billion tokens at the same price.
The total transaction volume of 41.45 billion USDC multiplied by $0.966500 equals $40.06 billion.
On May 12, it opened at $1, reached an intraday high of $1.01, tested an intraday low of $0.9995, and closed the day at $1.
Due to increasing demand to prevent large percentage losses, the coin reclaimed its peg throughout the month.
USDC price reaction
USDC opened on May 1, at $1, reached a monthly high of $1.01 on May 12, tested a monthly low of $0.9993 on May 10, and closed the month at a trading price of $1. Overall, there was no change in the opening and closing price of the token in May.