Connect with us

Bitcoin News

This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived

Published

on

If you’ve been on Crypto Twitter at all over the past few months, you’ve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens of millions of dollars worth of these digital assets day after day.💵 💵 10,000,000 #USDC (10,000,000 USD) minted at USDC TreasuryTx: https://t.co/QPZHnQzN3h— Whale Alert (@whale_alert) March 29, 2020 In fact, according to data from blockchain analytics company Coin Metrics, the value of all U.S. dollar stablecoins (USDT, Binance USD, USD Coin, etc.) is on the verge of passing $8 billion — a metric up by 20% in the past month in itself.CM has added Huobi dollars (HUSD) and Binance dollars (BUSD) to their community data. Stablecoin supply in the sample is just shy of $8b collectively. My guess is it passes that threshold tomorrow. https://t.co/aEOeZIpiDk pic.twitter.com/B9WPd1mbsM— nic cartbrrrrr (@nic__carter) March 29, 2020
Many believe that this trend suggests the crypto market will perform well moving forward.Why It’s Big For CryptoAs to why this is bullish, Charles Edwards, a digital asset manager, noted earlier this year that “major changes in Tether’s market capitalization have led Bitcoin’s price over the last 1.5 years.”

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report