CryptoQuant data shows that stablecoin liquidity continued to grow to a record $169 billion at the end of September, up 31% year-to-date (YTD). Still dominant are Tether's USDT, which increased its market cap by $28 billion to nearly $120 billion, accounting for 71% of the market; and Circle's USDC, which increased its market cap by $11 billion to $36 billion, up 44% year-to-date, accounting for 21% of the market.
The surge in a record number of dollar stablecoins and large bitcoin transactions could set the stage for a broader rally in BTC in the coming weeks, keeping the asset's bullish October seasonality intact.
Analysis: The surge in stablecoins and bitcoin transactions could provide a foundation for BTC to rise in the coming weeks
2024-10-09 09:00:30
Cryptoquant data display end of month stablecoin liquidity continues growthdesk3cryptocurrencydesktopCrypto News
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