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Stablecoins create prerequisites for the rise in the price of Bitcoin
May 4, 2021 Forex News
Against the backdrop of the rapidly growing price of Ethereum, Bitcoin was unable to rise above $58000 and is showing a correction for the second day in a row.
However, according to researchers from Glassnode, conditions for the resumption of the BTC rally have reappeared in the market. The team's report states that the total capitalization of the largest stablecoins has grown by almost 190% since the beginning of 2021.
The market supply of Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) coins increased from $27 billion to $78 billion.
In the ranking of digital assets backed by fiat money, Tether still holds the leading position. In seven days, the capitalization of this stablecoin grew by 3% to $51,78 billion.
The second place is taken by the stablecoin USDC, its supply increased by $1 billion to $14,5 billion. The supply of this digital currency BUSD reached $7,8 billion.
As practice shows, an increase in the capitalization of assets backed by fiat precedes an increase in the price of Bitcoin. Stablecoin developers are preparing for traders to start buying Bitcoins using stablecoins.
Investors use Tether and other stablecoins not only to buy BTC, but also to acquire other cryptocurrencies, the researchers emphasized.
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