Stablecoins Printed About $5 Billion During Bitcoin’s 80% Run-Up In Q4

2020-12-2 19:19

After the March sell-off, Bitcoin has been slowly making its way up and it has been in Q4 of 2020 that it fully rocketed.

In early October, BTC was trading around $10,500 when it went on a tear, climbing to $19,965 on Tuesday, a level that was only seen on a few cryptocurrency exchanges during the top of the 2017 bull market.

At that time, the market cap of fiat-backed cryptos was a mere $1.5 billion which today reached nearly $25 billion, an increase of 1,560% in three years.

This growth actually started during the March sell-off which saw not only Bitcoin but the broad asset class; stocks, gold, oil, and everything else except for USD crashing due to coronavirus.

The total stablecoins market cap was under $6 billion in early March while the most popular stablecoin Tether’s (USDT) market cap was under $5 billion.

Today, Tether’s market cap is close to hitting $20 billion, a growth of more than 310% in nine months.

Tether was the elephant in the room during the last crypto bull run with market cap of $2bln. Now it's nearly $20bln! pic.twitter.com/VJpRIOyXad

— skew (@skewdotcom) December 2, 2020

During Bitcoin’s euphoric rally of about 80% since October, USDT’s market cap actually increased by 25%, from $16 billion to nearly $20 billion.

While Tether has somewhat slowed down, but no doubt remains the dominant force by a wide margin, other stablecoins have started to capture a bit more of the market share.

PAX supply has increased by about 100 million since October 21st when PayPal announced that it would be supporting cryptocurrencies. Paxos, the company behind PAX, is used by PayPal as their infrastructure provider.

Another stablecoin leading the market is USDC, which is being used as a tool of US foreign policy. On Nov. 20th, Circle announced a partnership with the government of Venezuela to distribute aid to their front-line medical workers.

While Venezuela’s currency is suffering from hyperinflation due to money printing, stablecoins offer an attractive option. As a result, USDC’s daily active addresses hit an all-time high of 43.21k, just four days after the announcement, as per Coin Metrics.

The market cap of USDC, developed by Circle and Coinbase’s consortium Centre, actually exploded in August, going from $1 billion to the current $3 billion. Binance’s stablecoin BUSD saw a jump of 270% (nearly $500 million) in the last three months.

The post Stablecoins Printed About Billion During Bitcoin’s 80% Run-Up In Q4 first appeared on BitcoinExchangeGuide. origin »

Bitcoin (BTC) íà Currencies.ru

$ 94314.13 (+0.38%)
Îáúåì 24H $57.906b
Èçìåíåèÿ 24h: 0.58 %, 7d: 0.32 %
Cåãîäíÿ L: $91951.2 - H: $94404.5
Êàïèòàëèçàöèÿ $1867.77b Rank 1
Öåíà â ÷àñ íîâîñòè $ 19011.06 (396.1%)

bitcoin stablecoins printed billion run-up tear tuesday

Èñòî÷íèê: bitcoinexchangeguide.com

bitcoin stablecoins → Ðåçóëüòàòîâ: 126


eToro launches 8 different stablecoins on its fully regulated cryptocurrency exchange eTorox

eToro, a multi-asset trading and investment platform, announced support for eight stablecoins that were going to be a part of its fully regulated cryptocurrency exchange, eTorox, on April 16. According to the official announcement, the exchange would provide trading service for the top coins in the cryptocurrency market.

2019-4-16 19:15


Bitcoin Killer? What’s New And Old With BitTorrent Inventor Bram Cohen’s ‘Chia’

If you ask its official website, Bram Cohen’s Chia project is the first “enterprise” digital currency. Forget Ripple, Stellar, or the host of stablecoins launched over the past couple years. It’s Chia – the “green” crypto project developed in answer to the question of Bitcoin’s high resource usage, which is the first enterprise-grade cryptocurrency.

2019-4-3 11:30


Tron Partners With Tether to Launch TRC20-Based Stablecoin

Tether (USDT), the seventh most valuable crypto asset by market cap, has shrugged off attempts by newer stablecoins to usurp it. Now, a new version of tether is coming to the Tron network. Also Read: Gibraltar Exchange to List Bitcoin Cash Fiat Trading Pairs Tether to Trade on Tron Tron is officially partnering with Tether […] The post Tron Partners With Tether to Launch TRC20-Based Stablecoin appeared first on Bitcoin News.

2019-3-5 01:30


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

All you need to know about Ethereum stablecoins' market cap hitting new high

Stablecoins on the Ethereum network just hit a new historic high, in line with global stablecoin count Assessing incoming regulatory headwinds and potential impact liquidity will be key The The post All you need to know about Ethereum stablecoins' market cap hitting new high appeared first on AMBCrypto.

Bitcoin exchange activity spikes: Are sell-offs around the corner?

Elevated BTC exchange inflows hint at selling pressure and market volatility risks. Mixed signals from Coinbase Premium and funding rates point to bearish sentiment. Bitcoin [BThe post Bitcoin exchange activity spikes: Are sell-offs around the corner? appeared first on AMBCrypto.

TRON 'beats' Ethereum on THIS front after stablecoin supply evens out

Stablecoins on TRON network stabilized at $62 billion Lending on the network accounted for 55% of the TVL The stablecoin supply on TRON, specifically USDT, hit a stable level of $62 billion,The post TRON 'beats' Ethereum on THIS front after stablecoin supply evens out appeared first on AMBCrypto.