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Growth in supply of stablecoins creates conditions for a new rally in Bitcoin

Against the backdrop of the rapidly rising price of Ether (ETH), bitcoin, on the contrary, stuck below $ 57,000. However, according to researchers from Glassnode, conditions for the resumption of the BTC rally appeared on 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 soared from $ 27 billion to $ 78 billion in the reporting period.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 TOP-3 is closed by the BUSD coin, the supply of this digital currency reached $ 7.8 billion. Bitcoin’s growth is usually preceded by an increase in the capitalization of assets backed by fiat. Stablecoin developers are preparing for the fact that traders will start going to crypto exchanges to buy bitcoins. Investors use Tether and other stablecoins not only to buy BTC, but also to acquire other cryptocurrencies, the researchers emphasized.

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