Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

The flows of stablecoins between exchanges has slowed down dramatically over the past few days, signalling that no new sums are prepared to boost price action.


Stablecoin Parked on Exchanges, Awaiting Action

Stablecoins moving between exchanges are an indicator of potential trading activity. The past few days saw a surge of coin movements, followed by diminishing levels of inflows and outflows. Following those events, Bitcoin (BTC) was ready for the relief rally late on Sunday.

Stablecoins still offer significant support to BTC, with several assets taking the lead beyond Tether (USDT). Currently, more than 70% of BTC trading happens in the BTC/USDT pair, aided by other coins like USDC, PAX, and TUSD.

Token Analyst closely observes stablecoin weekly activity, as sending funds to exchanges is often a proxy for upcoming rallies.

Some stablecoins are starting to look more appealing than others, and are displacing the market share of USDT, shrinking it down to 95% of the entire stablecoin market. USDC doubled its supply in the past day, and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned over more than once each day. PAX sees a turnover of 139%, while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474%, down from a peak of over 1,000%.

USDT Becoming Increasingly Influential

Heightened stablecoin activity can often foreshadow a short-term price movement for BTC, as well as act as a precursor to an altcoin relief rally. USDT is currently supporting a highly active Ethereum (ETH) trade, and is boosting Litecoin (LTC), XRP, and EOS volume.

The movement of stablecoins is unpredictable, and the pace may pick up again, especially after Monday’s minting of 10 million USDT. Later, transactions of millions of USDT were also seen moving onto leading exchanges.

Currently, crypto assets are at a decisive moment. BTC is seeking reassurance that the recent bottom of $7,800 was the last one, and that further recovery may be seen.

Trading volumes for the entire crypto market have remained relatively changeless in the past three months, with short-term spikes in activity. On most days, the trading volumes are between $50 billion and $60 billion in 24 hours. Stablecoin activity picked up as BTC shot up to the $8,200 range. Briefly, USDT “flippened” Bitcoin Cash (BCH), climbing to position four based on its market capitalization. A few days ago, USDT reached a record supply above 4.16 billion coins, and currently, the supply is above 4.108 billion coins.

What do you think about stablecoins and price action? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @thetokenanalyst, @whale_alert

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2021 Cryptoracle.info - Crypto News