2021-04-01 13:32:19
Crypto exchanges continue to hold large amounts of stablecoins like Tether (USDT) and USDC Coin (USDC). This has helped stablecoins reach a new milestone in historical accumulation.
According to market data by CryptoQuant, the share of stablecoins on global crypto exchanges rose to a new all-time high on March 28, to over $ 10 billion.
Crypto exchanges currently hold close to 16% of the total market value of all stablecoins, as the market cap of stablecoins is up to $ 63 billion at the time of writing, Tether alone ( USDT) exceeded 40 billion USD. The total trading volume of all stablecoins is estimated at around $ 88 billion.
The volume of stablecoins held on exchanges has continuously innovated to an all-time high this year, up more than 100% in two months. The inflow of stablecoins is often seen as a short-term indicator of bullish action against Bitcoin (BTC), suggesting that marginal capital inflows are returning to BTC. This is a very positive sign that Bitcoin can return to extremely strong in April.
Along with the growing stablecoin accumulation, a number of other metrics such as the stablecoin ratio across all exchanges may point to another ascent in the crypto market. This index reached its lowest level since November 2020.
Every time this rate gets too low, it is marked by a period of significant increase in Bitcoin. This index shows the amount of Bitcoin divided by all stablecoins held on exchanges, showing the gradual selling pressure.
The stablecoin market milestone came when the payments giant Visa officially successfully tested payments in cryptocurrency USDC. USDC is the second largest stablecoin, second only to Tether (USDT).
USDC holdings on exchanges currently amount to about 2.2 billion USD, market capitalization is 11 billion USD. Visa’s latest action for USDC is just the beginning of broader mass adoption. Let’s wait together, the scenario Bitcoin and other cryptocurrencies are likely to come one day in the near future.
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