The latest data from COINOTAG indicates a significant trend in the cryptocurrency market, particularly regarding stablecoins and their effect on Bitcoin prices. As of October 9, the total value of US dollar stablecoins reached an unprecedented $169 billion, reflecting a robust 31% increase since the beginning of the year. This growth is significantly attributed to Tether’s USDT, which has surged to a market cap of nearly $120 billion, representing 71% of the total stablecoin market. Circle’s USDC has also seen notable growth, climbing to $36 billion, marking a 44% increase year-to-date. Historical analysis demonstrates a strong link between the volume of stablecoins on trading platforms—up 20% this year—and the upward trajectory of Bitcoin prices. Julio Moreno, CryptoQuant’s head of research, emphasizes that a higher stablecoin balance on exchanges correlates with increased cryptocurrency valuations, highlighting a bullish sentiment in the market.
Source: https://en.coinotag.com/breakingnews/surging-usdt-and-stablecoin-liquidity-set-the-stage-for-bitcoins-october-bull-run/