The stablecoin sector has witnessed a significant expansion since the beginning of July, coinciding with the overall upswing in the cryptocurrency market.
What Happened: In an X post on Wednesday, Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, noted that stablecoins have been flowing into the market since early July, reaching an all-time high last week. He highlighted that Tether (CRYPTO: USDT), the world's largest stablecoin by market cap, accounted for 70% of the total share.
Previous instances of USDT market growth were followed by notable rallies in Bitcoin (CRYPTO: BTC). Though not significant yet, the analyst acknowledged that the upward trend in stablecoins is noteworthy.
Stablecoins started flowing into the market. Their market cap has risen since early July, hitting an all-time high last week. $USDT makes up 70% of the total market cap. It may not be much yet, but the upward trend is noteworthy. pic.twitter.com/wLHvkyUfrE
— Ki Young Ju (@ki_young_ju) July 17, 2024
In a note shared with Decrypt, CryptoQuant noted that stablecoin liquidity needs to expand further, especially from USDT, to justify a continued increase in Bitcoin's price.
Why It Matters: As is well known, stablecoins allow traders to preserve their fiat value without cashing out. Due to this, they are the preferred way for traders, especially on non-fiat cryptocurrency exchanges, to enter and exit trades.
Spikes in stablecoin market cap could therefore be interpreted as bullish signals, as investors are likely using them to buy other cryptocurrencies, including Bitcoin.
As of this writing, more than $165 billion worth of stablecoins are in circulation, with most major ones pegged to $1.
Price Action: At the time of publication, Bitcoin was trading at $64,783.01, following a 0.57% dip in the last 24 hours, according to data from Benzinga Pro. The market has rallied sharply since pro-cryptocurrency presidential candidate Donald Trump escaped an attempt on his life.
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7月の初め以来、安定コインセクターは暗号市場全体の上昇に合わせて大幅に拡大しました。
何が起こったか: CryptoQuantのオンチェーン分析会社のCEOであるKi Young Ju氏は、水曜日のX投稿で、安定したコインが7月初旬以来市場に流入しており、先週に史上最高値を記録したことを指摘した。 彼は、時価総額における世界最大の安定コインであるTether(CRYPTO:USDT)がトータルシェアの70%を占めたことを強調した。
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。