After touching its all-time high in March, the Bitcoin (BTC) price has tended to skate. But investor interest in crypto-currencies appears to be ongoing, if the ever-increasing supply of stablecoins is anything to go by
Bitcoin price struggles to regain $70,000
While holding above the symbolic $70,000 threshold at the end of March, Bitcoin (BTC) plunged at the beginning of April, touching $64,400 this morning. The correction is significant, and shows a certain fragility in the largest cryptocurrency :
The evolution of the Bitcoin (BTC) price over the last few days
On the Bitcoin ETF side, several major players are also seeing significant exits. ARK Invest’s ARKB saw $87.5 million in outflows yesterday. At Grayscale, GBTC saw outflows of $81.9 million.
Stablecoins solid despite falling prices
After weeks of rising prices, recent developments in the Bitcoin price have given rise to some fears. However, if we look at the stablecoins, we can see that they’re in good shape – in fact, they’re in top form. The 3 main stablecoins, which account for over 90% of the market, have seen their capitalization rise sharply.
The combined capitalization of Tether’s USDT, USD Coin (USDC) and DAI has risen by +2% since Bitcoin’s ATH. It now stands at $141 billion. The breakthrough is particularly visible in USDT, which remains the biggest stablecoin of the moment:
The rise of Tether’s USDT capitalization
What this means is that money continues to flow into the cryptocurrency sector. Indeed, stablecoins are commonly used to stabilize funds, before they can be allocated to various cryptos. Is the market preparing for halving? That’s the interpretation being put forward by several analysts
In any case, we can’t help but note the clear progression of the stablecoin sector. A year ago, USDT was worth $80 billion. Today, the largest stablecoin has a capitalization of $105 billion
