USDC is gradually gaining mass in the cryptocurrency market
A large number of “cryptodollars” on exchanges may mean a potential jump in the rate of cryptocurrencies
USDC stablecoin still lags behind peers despite its outstanding growth
Which Blockchain Will Get The 100+ Trillion Dollar US Stablecoin Volume? *Not Ethereum*
International consortium of news organizations developing transparency standards.
The volumes of stablecoin USDC on cryptocurrency exchanges in January 2021 alone increased by more than 112%: from $ 431 million to more than $ 915 million
After slow growth in 2018, stocks of USDC stablecoin on exchanges began to increase rapidly in 2021, according to analytical resource Glassnode.
Is $1 billion a day in volume the ‘new normal’ for Uniswap
Growth in USDC volume increases purchasing power in the cryptocurrency market, which can be seen as a potential bullish factor for Bitcoin, Bitcoin and other cryptocurrencies, analysts say..
Join our telegram channel to keep abreast of the main trends in the crypto market.
In January alone, the number of USDC on exchanges increased by more than 112% from $ 431 million to more than $ 915 million.
“This is the purchasing power of almost $ 1 billion in USDC alone, which could migrate to assets like BTC,” Glassnode says..
Such a high figure is expected to increase investor confidence in the high liquidity of the market, which will be a bullish signal for cryptocurrencies..
USDC on exchanges doubled in January while Tether’s dominance fell to new
USDC stablecoin on the rise
Positive signals are not limited to an increase in the volume of stablecoin. For example, the stablecoin supply ratio (SSR) to bitcoin declines as new tokens are released into circulation..
Learn how to trade in the cryptocurrency market with BeInCrypto partner – StormGain cryptocurrency exchange
When the ratio is low, it means that the stock of stablecoins on the exchange exceeds the stock of bitcoins. This is a favorable situation for increasing purchasing pressure in favor of Bitcoin or other cryptocurrency assets..
However, despite the fact that USDC is becoming an increasingly powerful competitor for other stablecoins, its market share is still insignificant. Stablecoins Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More tether (USDT), for example, still retains its dominance in the cryptocurrency market, although its capitalization since the beginning of February has dropped from $ 26.7 billion to $ 23.7 billion.
Read about what the outcome of the litigation between Tether and the American regulator can turn out to be in a special material from BeInCrypto.
What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
CONTENT Latest halving pushes bitcoin fees up 647%. Crypto market capitalization has grown, but trading activity has decreased. This may be due to hodling…
CONTENT More and more bitcoin owners prefer to keep an asset on hardware wallets Bakkt Bitcoin Futures Trading Volumes Set New Records The persistence of…