Risk Averse Investors Flock to Stablecoins as Crypto Market Dips

• Terra Luna price action has largely been following the trend set by Bitcoin and other major cryptocurrencies.
• Stablecoins currently take up 3 of the top positions in the market, indicating that market participants are risk averse.
• Global crypto market capitalization is currently at $811.03B, with a total crypto market volume of $27.62B over the last 24 hours.

The crypto market has been in an interesting state lately, with Bitcoin and other major cryptocurrencies setting the trend for Terra Luna. Bitcoin bulls have been fighting to keep the $16,700 support level, leading to a 0.47% decrease in the last 24 hours with a trading volume of $14.4 billion. Ether, the proof-of-stake cryptocurrency, is currently flashing red at $1,243, down 0.7% over the last day, with a 24-hour trading volume of $3.78 billion and a live market capitalization of $152 billion.

The current market conditions demonstrate that investors are risk averse, as stablecoins take up 3 of the top positions in the market. Tether (USDT), USD Coin (USDT) and Binance USD (BUSD) occupy the 3rd, 4th and 7th positions respectively, indicating that investors are seeking to protect their capital by holding stablecoins that are not as affected by extreme price volatilities.

The total global crypto market capitalization is currently at $811.03B, representing a 1% decrease over the last day, according to CoinMarketCap data. The total crypto market volume over the same time frame is $27.62B, representing a 10.24% decrease, which displays the bearish nature of the market. Despite this, many investors remain optimistic that the value of these digital assets will improve in 2023, leading to an increase in the total market valuation.

While the current market conditions may not be the most ideal, it is important to remember that this is a long-term game, and that the cryptocurrency market is still relatively new. As such, investors should remain patient and look for opportunities to capitalize on the current market conditions. Furthermore, by keeping up to date with the latest news and developments, investors can stay informed and make better decisions when it comes to their investments.