Stablecoins USDT and USDC Experience Recent Capital Inflows
Recent data indicates capital inflows into stablecoins USDT and USDC, which could positively impact Bitcoin.
Market Cap Growth of Top Stablecoins
- USDC's market cap has sharply increased over the past 30 days.
- USDT initially experienced a decline but has regained positive momentum.
- Both stablecoins are currently enjoying increases in their market caps.
- Historically, growth in these stablecoins correlates with bullish trends for Bitcoin and other cryptocurrencies.
Investors typically plan to convert stablecoins into Bitcoin, leading to upward pressure on Bitcoin prices. A simultaneous rise in both Bitcoin and stablecoin market caps suggests net capital inflows, whereas divergence indicates mere capital rotation.
While Bitcoin consolidates, fresh capital is entering stablecoins, implying potential future buying pressure for Bitcoin. Deposits of stablecoins onto centralized exchanges often precede purchases of volatile cryptocurrencies.
Bitcoin Price
Bitcoin is currently priced at $104,800, showing a 1% decline over the last week.
