Massive Crypto Whale Activity In USDT And USDC Suggests Upcoming Bull Run, How?
Volatility is one of the distinguishing attributes of the crypto market that springs surprises in several observers. It creates a desirable environment for traders and investors in the crypto industry to advance with huge profits. Over the past week, the crypto market experienced the presence of the bulls in considerable measure. Most of the crypto assets made some impressive reclaims in their value. Most tokens were forced to break their resistance and advance more to the north. This pushed the cumulative market cap to its coveted level of $1 trillion. Related Reading: Dogecoin (DOGE)....
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USD Coin (USDC) stands as the second-largest stablecoin after Tether (USDT). The recent times, USDC has proved to be a great coin through its massive growth achievement that, on some occasions, has exceeded USDT on several platforms. Furthermore, USDC is backed by the US dollar in its functionality, ensuring its security and stabilizing its value. […]
Latest data from Glassnode suggests USDC may be becoming the crypto market’s preferred stablecoin over USDT. USDC’s Supply Surged Up Recently, While USDT’s Plunged Down As per the latest weekly report from Glassnode, USDT has observed a large amount of redemptions recently, taking its supply down. The relevant indicator here is the the “circulating supply,” […]
The continuous price fluctuations in the crypto market considerably impact the Circle’s stablecoin, USD Coin (USDC). The recent performance of its whales’ addresses is making a more southern move. USD Coin records a drop of almost a two-year low in its primary wallet addresses. According to data from Glassnode, a crypto analytics company, USD Coin metrics are becoming less impressive. For example, the stablecoin had recent sell-offs and drops that cut down its market cap. Related Reading: Bitcoin Price Witnesses Sharp Sell-Off – Further Volatility On Chart? A report on the....
The USDT-to-USDC market cap ratio fell to its lowest ever in July 2022. The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.USDT, USDC market cap ratio hits the lowest on recordNotably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.USDT circulating market cap. Source: MessariThis is the closest USDC....
Despite the tumble in stablecoin activity, average transactions of stablecoins DAI and UST still exceed those of USDT and USDC. Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market environment.Unsurprisingly, the two cryptocurrencies that remain in a tight race for stablecoin dominance are Tether (USDT) and USD Coin (USDC). However, the market holds a fine distinction....