The flows of stablecoins between major exchanges slowed down dramatically over the past few days which shows that there are no sums prepared to boost the price action. Let’s find out more in the coming altcoin news below.
Stablecoins are moving between exchanges and this has been seen as an indicator of potential trading activity. Over the past few days, there was a surge of coin movements which was followed by diminishing levels of inflows and outflows. After these events, Bitcoin was ready for the relief rally late on Sunday. Stablecoins still offer major support to BTC with several assets taking the lead beyond Tether and currently more than 70 percent of BTC trading happens in the BTC/USDT pair aided by other coins like USDC, PAX, TUSD. Token Analyst observed stablecoins’ weekly activity as sending funds to exchanges if often a proxy for upcoming rallies.
The flows of stablecoins decreased and some of them started to look more appealing than others. The market share of USDT was displaced and it shrunk down to 95 percent of the entire stablecoin market. USDC doubled its supply over the past day and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned more than once each day. PAX sees a turnover of 139% while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474 percent which is a drop below the peak of over 1,000%. The heightened stablecoin activity can often show wrong signs of a short-term price movement for BTC but it can also act as a precursor to an altcoin relief rally. USDT is now supporting a highly active ethereum trade and it is boosting Litecoin, XRP and EOS Volume.
The movements of the stablecoins are unpredictable and the pace might increase again especially after the minting on Monday of 10 million USDT. Later, the transactions of millions of USDT were also seen moving onto some of the leading exchanges. Crypto assets are at a decisive moment right now since BTC is seeking reassurance that the recent bottom was the last one. The trading volumes of the crypto market have remained without any notable changes in the past three months with only slight spikes inactivity.
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