The post Stablecoin Growth Fuels Bitcoin Rally: $100K Next? appeared on BitcoinEthereumNews.com.

Stablecoin supply rises to $181 billion, with $9 billion minted in the past month. Tether (USDT) minted $7 billion in November, increasing its market dominance to 70.19%. Bitcoin hits a new all-time high of $93,500, with $100K now appearing more attainable. The stablecoin market has surged to $181 billion, up 3% in the past week, as Bitcoin and the broader crypto market continue their historic rally, data from DeFiLlama shows. Just one month ago, the market was valued at $172 billion. This implies that market participants have demanded approximately $9 billion worth of stablecoins over the last 30 days. This figure is further confirmed by the consistent uptrend in stablecoin minting in recent times. $7B USDT Minted in Two Weeks Just 19 hours ago, the largest stablecoin issuer, Tether (USDT), minted $1 billion USDT. This latest minting follows a $2 billion issuance just three days ago. Meanwhile, several other mintings of billions of USDT have taken place over the last two weeks of November. Specifically, Tether has minted $7 billion USDT since November 6. As a result, the dominance of Tether’s USDT has reached 70.19%, with a market cap of $127 billion. Its closest competitor, USD Coin (USDC), has a market cap of $36 billion, with several mintings this month. Bitcoin’s Path to $100K Appears More Likely The influx of USDT and USDC has coincided with renewed interest in the crypto market, fueling the ongoing bull run. For example, Bitcoin recently set a new all-time high at $93,500, having rallied by approximately 40% in the last two weeks from $66,800. Bitcoin has continued to break new peak values almost daily since Donald Trump won the U.S. presidential election in 2016. With Bitcoin trading above $90,000, its path to the much-coveted $100K now seems more promising than ever. Amid Bitcoin’s rally,…

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Filed under: News - @ November 14, 2024 1:28 pm