The cryptocurrency market, which has been relatively stable compared to July in recent weeks, started the day with low volatility. Despite the announcement by PayPal that it will launch the stablecoin PayPal USD, there was no sharp movement in the market. The leading cryptocurrency Bitcoin (BTC) started the day with an increase of about 1% and reached a price level of $29,300.
Payment giant PayPal announced yesterday that it will launch the stablecoin PayPal USD (PYUSD), which is pegged to the US dollar. In a statement on Monday, the New York-based payment giant stated that it will soon make the PayPal USD (PYUSD) stablecoin available to users. Many figures, including US Representative Patrick McHenry and Tether CEO, made evaluations on the subject.
However, PayPal’s stablecoin move did not cause a sharp increase in volatility in the cryptocurrency market, which has been relatively stable for weeks. The leading cryptocurrency Bitcoin (BTC) started the day with an increase of about 1% and reached a price level of $29,300.
Most high market cap cryptocurrencies recorded low percentage increases since morning hours. According to CoinMarketCap (CMC) data, the total market value of the crypto industry increased by 0.3% to $1.17 trillion.
What is the Current Situation in the Cryptocurrency Market?
With BTC starting the day with low percentage increases, some cryptocurrencies gained momentum during the day. Algorand (ALGO), Hedera (HBAR), Mina (MINA), and Chainlink (LINK) were among the cryptocurrencies that experienced the highest percentage increases among the top 100 cryptocurrencies in terms of market value, according to CMC data in the last 24 hours.
Rocket Pool (RPL), GMX (GMX), Synthetix (SNX), Pepe coin (PEPE), and Render token (RNDR), on the other hand, were the cryptocurrencies with the highest percentage losses among high market cap cryptocurrencies, gaining momentum in the downward price movements during the day.
