After hitting its absolute record in March, the price of Bitcoin (BTC) tended to slip. But investor interest in cryptocurrencies still appears to be there, judging by the ever-increasing supply of stablecoins.
The price of Bitcoin struggles to return to $70,000
While it remained above the symbolic threshold of $70,000 at the end of March, Bitcoin (BTC) plunged at the start of April, hitting $64,400 this morning. The correction is notable, and shows a certain fragility in the largest cryptocurrency:
The evolution of the price of Bitcoin (BTC) in recent days
👉 Find our guide – How to buy Bitcoin in 2024?
On the Bitcoin ETF side, several large players are also seeing significant outflows. ARK Invest’s ARKB saw $87.5 million in outflows yesterday. At Grayscale, GBTC saw outflows of $81.9 million.
Zengo: the ultra-secure mobile wallet for your cryptosStablecoins solid despite falling prices
After weeks of increases, recent developments in the price of Bitcoin have therefore given rise to some fears. However, if we look at stablecoins, we see that they are in good shape – and even in great shape. The 3 main stablecoins, which represent more than 90% of the market, have thus seen their capitalization increase significantly.
The combined capitalization of Tether’s USDT, USD Coin (USDC) and DAI shows an increase of +2%. from the Bitcoin ATH. It has now reached 141 billion dollars. The breakthrough is particularly visible in USDT, which remains the largest stablecoin at the moment:
The progression of the capitalization of Tether’s USDT
What this means is that money continues to flow into the cryptocurrency sector. Stablecoins are in fact commonly used to stabilize funds, before being able to allocate them to various cryptos. Is the market therefore preparing for halving? This is the interpretation that is made by several analysts.
👉 Also in the news – Bitcoin: heading towards $150,000 thanks to halving, according to the general manager of Morgan Creek
In all cases, we can only 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.
Cryptoast Research: Don’t waste this bull run, surround yourself with expertsSources: CoinGecko, TradingView
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Journalist at Cryptoast, I have been immersed in cryptocurrencies since 2017. I am passionate about the issues of decentralization, privacy, and the global impact of these new technologies.
Marine Debelloir
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