Hot: Bitcoin is about to reach a new peak as stablecoin issuance increases
Stablecoin data shows traders are preparing for Bitcoin price to hit new ATH.
👉 Nhận THƯỞNG 50 usdt TIỀN MẶT miễn phí 🎁
The rise of stablecoins is fueled by the new Bitcoin supply halving event, which will take place in seven days.
While Binance USD, True USD (TUSD) and PayPal USD (PYUSD) all saw a decrease in issuance, the two largest stablecoins by market capitalization continued to see capital inflows into the market.
“USDT issuance increased by $5.825 billion in March and USDC issuance increased by $3.803 billion, a sharp increase over the previous month.”
This increase in stablecoin balances occurred in early March, before Bitcoin hit its ATH.
Data from analysts at Glassnode details USDT recorded its highest exchange inflows on March 3, increasing 192% from $806.2 million to $2.466 billion on March 5.
Note that BTC surpassed that ATH at $ 69.800 on March 5.
“During this period, compared to other stablecoins, the correlation between USDT on CEX drove the BTC price higher.”
Analysts predict BTC will surpass $ 100,000
According to user X, The Moon, Bitcoin's current parabolic trend could reach $ 100,000 by the end of next week.
While The Moon's prediction seems ambitious, analysts at market data tracking firm, Santiment, have corroborated these views, suggesting that BTC could soon reach $ 100,000 if the correlation between Cryptocurrencies and US stocks continue to fall.
In an April 11 video, Santiment chief marketing officer Brian Quinlivan observed Bitcoin's divergence with the S&P 500, a bullish signal for BTC.
According to Quinlivan, the longest bull runs of the past 15 years typically occurred when there was little to no correlation between Bitcoin price and the S&P 500.
