Crypto markets are experiencing a downturn today, prompting some investors to shift their focus to stablecoins amidst the market correction. According to data from CoinGecko, the total cryptocurrency market cap has declined by 0.4% in the past 24 hours, dropping from $2.38 trillion to $2.34 trillion. Despite this, the global daily trading volume has seen a notable increase of 27%, surpassing $52 billion.

Stablecoins have emerged as dominant players in the trading volume, with USDT leading the pack with over $34.5 billion in daily trading volume. CoinGecko reports that USDT boasts a total market cap of $110 billion at present. Additionally, USDC has witnessed a surge in 24-hour trading activity, increasing by 22% to $3.56 billion.

FDUSD has also experienced a significant uptick in daily trading volume, rising by 46% and surpassing $4.5 billion. Conversely, DAI's 24-hour trading activities have seen a decline of 17.2%, falling to $652 million.

Marketwide bearish momentum, as indicated by the Coinbase Premium trend, appears to be contributing to the downturn, according to data from CryptoQuant. The Coinbase Premium momentum is currently in the positive zone, with traders adopting a "wait and see" approach, anticipating a potential rebound after the trend turns negative, based on historical patterns.

Despite the overall market downturn, Bitcoin (BTC) has managed to gain 1.4% in the past 24 hours, trading at $61,660 at the time of reporting. Ethereum (ETH) has also seen a modest increase of 0.6% over the same period, with its price currently at $2,925.

In summary, while the crypto markets experience a correction, stablecoins are garnering increased attention from investors, signaling a shift in trading strategies amidst market volatility.