According to CryptoQuant, the volume of stablecoins in the wallets of cryptocurrency exchanges has reached a historic high of $4.7 billion amid the resumption of the “bullish” trend in the cryptocurrency markets.
According to the analytical company CryptoQuant, on January 28, the volume of stablecoins on the wallets of global cryptocurrency exchanges reached a new record and exceeded $4.7 billion. This amount is a significant part of the total market capitalization of stablecoins, which, according to CoinGecko, is estimated at about $37.2 billion. The total trading volume of stablecoins is now approximately $111 billion, of which $103 billion is accounted for by Tether (USDT).
The number of transfers of stablecoins to exchanges reached almost 33,000 transactions on January 28, compared to 30,000 transactions on January 27. The massive influx of stablecoins to exchanges is often seen as a short-term catalyst for the price of BTC and may indicate that capital is returning to bitcoin.
Fiat-linked stablecoins are becoming a useful tool for traders when making deposits on cryptocurrency exchanges, allowing them to easily buy and sell large amounts of BTC. Thus, the increase in the number of stablecoins on exchanges may be associated with an increase in purchasing power.
At the moment, there is a noticeable upward trend in the cryptocurrency markets – most of the coins from the top 10 by market capitalization show significant growth. According to CoinMarketCap, the price of bitcoin increased by about 17% per day and on some exchanges exceeded $37,498.