USDC volumes on crypto-exchanges increased by 112%

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CONTENT

  • 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*

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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..

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Source: glassnode.com

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..

Source: glassnode.com

USDC volumes on crypto-exchanges increased by 112%

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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..

Source: coin360.com

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.

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USDC volumes on crypto-exchanges grow by 112%
USDC volumes on crypto-exchanges grow by 112%
USDC volumes on crypto-exchanges grow by 112%

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