- Stablecoin inflows into exchanges were crucial in aiding market recovery.
- The circulating supply of ERC-20 stablecoins has seen a noticeable increase lately.
The ongoing crypto market rally that began in mid-October is more of a turning point rather than a year-end rebound.
With optimism around potential approvals of more than half a dozen spot Bitcoin [BTC] exchange-traded funds (ETFs) reaching a fervor pitch, most analyses today will tell you that the worst of the bear market is behind us.
The late-year flourish
The global market capitalization increased 34% since mid-October, marking an addition of nearly $360 billion until press time, according to CoinMarketCap data accessed by AMBCrypto.
Source: CoinMarketCap
With valuations surging, trading activity across the market witnessed a strong turnaround. The daily volumes have averaged close to $50 billion in the last month, a welcome respite from the $25 billion-$30 billion recorded over the last two quarters.
Stablecoins key to market rebound?
The on-chain analytics firm Santiment drew attention to key developments that could have strongly aided the ongoing rally.
From the period between 19 August to 16 October, about 3.54% of stablecoin Tether’s [USDT] circulating supply was deposited on exchanges. In absolute terms, this amounted to a flight of more than $3 billion in USDT tokens.
Go to Source to See Full Article
Author: Aniket Verma
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
