Clear. 60.4   F New York
AI-Powered News Summarizer

Glassnode predicts BTC rally as stablecoin supply tags record highs

May 4, 2021. Summarized by summa-bot.

Compression ratio: 40%. 1 min read.

Stablecoin supplies are at all-time highs, suggesting Bitcoin may soon see another rally.

The circulating supply of the four-largest stablecoins has spiked to new all-time highs, suggesting buyers could soon spark another leg up for the Bitcoin and crypto markets.

USDT’s total minted supply hit an all-time high of $51. 78 billion at the end of last week after increasing by $1. 48 billion or 3% in just seven days.

USDC supply has also increased by roughly $1 billion over the past week, with its capitalization currently sitting at $14. 5 billion, according to CoinGecko.

With the surging supply, Glassnode highlights that Bitcoin’s Stablecoin Supply Ratio (SSR), which measures the Bitcoin supply divided by the stablecoin supply, is sitting at a year-to-date low of 13. 4, and is approaching its all-time-low of 9. 6.

According to Glassnode, a decreasing SSR value is a bullish signal that the global stablecoin supply becoming larger relative to the Bitcoin market cap:

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.