Surging USDT and Stablecoin Liquidity Set the Stage for Bitcoin’s October Bull Run
The post Surging USDT and Stablecoin Liquidity Set the Stage for Bitcoin’s October Bull Run appeared on BitcoinEthereumNews.com.
The latest data from COINOTAG indicates a significant trend in the cryptocurrency market, particularly regarding stablecoins and their effect on Bitcoin prices. As of October 9, the total value of US dollar stablecoins reached an unprecedented $169 billion, reflecting a robust 31% increase since the beginning of the year. This growth is significantly attributed to Tether’s USDT, which has surged to a market cap of nearly $120 billion, representing 71% of the total stablecoin market. Circle’s USDC has also seen notable growth, climbing to $36 billion, marking a 44% increase year-to-date. Historical analysis demonstrates a strong link between the volume of stablecoins on trading platforms—up 20% this year—and the upward trajectory of Bitcoin prices. Julio Moreno, CryptoQuant’s head of research, emphasizes that a higher stablecoin balance on exchanges correlates with increased cryptocurrency valuations, highlighting a bullish sentiment in the market. Source: https://en.coinotag.com/breakingnews/surging-usdt-and-stablecoin-liquidity-set-the-stage-for-bitcoins-october-bull-run/
Filed under: News - @ October 9, 2024 10:27 am