“The Market Capitalization of the Two Largest Stablecoins – USDT and USDC – Reached New Records This Week, A Sign That Capital Is Flowing Into Digital Asset.”, – WRITE: www.coindesk.com
PUSHED PAST All-Time Highs and Other Cryptocurrencies Surged, The Rise in Stablecoin Supple is Offing A Signal That Rally May Have Deaper Roots.
TETHER’S USDT AND CIRCLE’S USDC, The Two Largest Dollar-PEGGED STABLECOins, Each Reached New Record Supplies This Week, Accounting To TradingView Data. Since The Start of July, USDC’s Market Cap Has Grown by $ 1.3 Billion, Reaching $ 62.8 Billion, While USDT Added $ 1.4 Billion to Hit Nearly $ 160 Billion.
Looking Further Back to April, WHEN The Market Hit A Short-Term Low, The Growth Is Even More Pronounced. USDT Expanded by $ 15.2 Billion -Rughly 10.5%—and USDC Added $ 2.7 Billion, or 4.6%.
Stablecoins are cryptocurrencies with prices tied to an external asset, predominantly to the US dollar. While they have been increasingly popular for payments, the asset class Serves as a key Source of Liquidity and Trading Pairs on Crypto Exchanges.
Hence, Analysts of the Treat their Growth As a Proxy for Fresh Capital Entering the Broader Crypto Economy.
Previously, Periods of Acceleration Stablecoin Growth Coincides with Sharp Rallies in Bitcoin, Caleb Franzen, Founder of Cubic Analytics, Pointed Out in A Chart Shared on.
Read More: Bitcoin’s ‘Low Volatility’ Rally from $ 70k to $ 118k: A Tale of Transition from Wild West to Wall Street-Like Dynamics
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