ERC20 Stablecoin Supply Reaches $128.7 Billion Amid Altcoin Rally
The cryptocurrency market has shown strong performance, with BTC reaching a new all-time high of approximately $124,100. Other major cryptocurrencies like ETH and SOL also approached their previous record highs.
Key points include:
- Ethereum touched $4,800 on August 14, indicating potential for a continued rally among altcoins.
- ERC20 stablecoin supply hit an all-time high of nearly $130 billion, suggesting increased liquidity for investors.
- Active stablecoin addresses surpassed 250,000, reflecting heightened network activity typical before market rotations.
- Positive exchange netflows for stablecoins on Binance exceeded $67 million, indicating growing purchasing power.
- Bitcoin Dominance metric faced rejection near its resistance zone, historically signaling capital rotation into altcoins.
The current total market capitalization for altcoins is around $1.57 trillion, with a slight decline of over 1% in the past 24 hours but a more than 5% increase over the last week.
