Crypto exchanges are once again being flooded by stablecoins including Tether. This indicates a possibility of yet another surge in the markets of cryptocurrency.
Recently the crypto markets are witnessing a renewed bullish trend once again. Amid this several stablecoins including the likes of Tether had been flooding the exchanges. As a result, the allocation of the stablecoins has successfully managed to reach a new record high.
Historic High For Stablecoins On Worldwide Crypto Exchanges
The data provider of CryptoQuant has recently reported that the holdings of stablecoins on the crypto exchanges worldwide have exceeded previous records. They have hit a historic high on 28th January after exceeding $4.7 billion.
The total market capitalization is significantly made up of the aforementioned amount. The total market cap is estimated to be almost $35.2 billion as reported by CoinGecko. Additionally, the entire volume of trading of the stablecoins is estimated to be nearly $111 billion. In this volume, Tether itself contributes almost $103 billion.
Along with the holdings of stablecoins reaching a record high, the volume of inflow of transactions of stablecoins is also increasing at a rapid pace. On 28th January, the amount of inflow was calculated to an approximate transaction of 33,000 which was 30,000 earlier on 27th January.
The huge number of stablecoin inflow is considered to be a catalyst for the short-term for Bitcoin. This indicates that the relegated capital is returning to BTC. Especially the fiat-pegged stablecoins including Tether is becoming more useful for traders in making their deposits on the crypto exchanges.
This allows an easy allocation with higher buying power. BTC is also moving towards $32,000.
