The increase in the supply of stablecoins indicates that the rise of cryptocurrencies is not over yet:
The company “IntoTheBlock” indicated on Friday that the total supply of stablecoins has risen to $219 billion, indicating continued growth in the cryptocurrency market and that it has not yet reached its peak.
According to historical data, the supply of stablecoins often peaks during market recovery periods, with the previous peak recorded at $187 billion in April 2022 before the downturn began.
With the current supply exceeding its previous level and continuing to increase, it appears that the market is still in a growth phase.
After dropping below $77,000 this week, the price of Bitcoin rebounded, surpassing $85,000 on Friday morning, according to “TradingView” data.
Currently, it is trading above $84,000, marking a 1% increase over 24 hours.
This increase coincides with the rise in market capitalization of major stablecoins, such as USDT, USDC, BUSD, and DAI, which rose from about $204 billion to over $205 billion between March 10 and 14, according to “Glassnode” data.
Stablecoins play a key role in linking fiat currencies to crypto markets, as they are used in most trading pairs and enhance market liquidity.
$DASH
$USDC
