Over the past weeks, the crypto market has remained relatively quiet. This has fueled concerns about whether Bitcoin and altcoins will undergo a downturn.

Nonetheless, market observers, citing stablecoin inflows and other reasons, have maintained that the possibility of a bull cycle remains high.

The Stablecoin Market Expands

Blockchain analytics firm IntoTheBlock stated that the stablecoin market capitalization was recovering strongly. Different assets in the industry, including USDT and USDC, added more than $9 billion since October 2023. Now, the stablecoin market capitalization stands at $133 billion.

This surge reflects renewed strength in the stablecoin sector and underscores the injection of significant liquidity into the cryptocurrency industry. In addition, the uptick is a promising indicator of growing investor confidence in the potential onset of a bullish market trend.

“The stablecoin market cap is recovering strongly, adding over $9 billion since October of 2023. The sustained upward trend further reinforces the possibility of an upcoming bull market cycle,” IntoTheBlock said.

Crypto analyst Zyre gave a more nuanced explanation. According to the

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Author: Oluwapelumi Adejumo

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