• The rally followed sharp jump in stablecoin market caps in recent weeks.
• Strong inflows into the U.S. spot Bitcoin ETFs also helped market sentiment.

Bitcoin [BTC] smashed above the all-important $50,000 mark for the first time in more than two years, spurring a wave of bullish optimism in the digital asset market.

The king coin touched $50,000 at about 5:20 pm UTC on the 12th of February and retained the level until profit-taking by diamond hands pulled it to $49, 932 as of this writing, AMBCrypto noticed using CoinMarketCap.

Stablecoins supply surges

According to on-chain analytics firm Santiment, the rally followed sharp jump in stablecoin market caps in recent weeks, nearly 5% since the start of the year.

Such hikes in stablecoin market caps were signals of increasing capital inflows into the market. This is because most traders from traditional markets would use stablecoins to enter and exit trades on crypto exchanges.

Additionally, whale wallets with more than $5 million in holdings added 2.32% of the total stablecoin supply in the last four weeks, taking the overall share of the stablecoin market to 51.49% at press time. This suggested that whales were on an accumulation spree.

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Author: Aniket Verma

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