- Santiment tweeted yesterday that the exchange supply for USDC and USDT is currently very low.
- The firm revealed that USDT’s exchange supply has bullishly increased since June this year.
- At press time, USDT was trading slightly below the $1 mark following a weekly drop of 0.13%.
The exchange supplies of USD Coin (USDC) and Tether (USDT) are relatively low according to data from the blockchain intelligence firm Santiment. In a tweet yesterday, the firm revealed that the exchange supply for USDT has risen slightly since June this year, which may be an early indication of a potential market rally in the near future.
Historically, increasing exchange supply for stablecoins has foreshadowed price surges in the cryptocurrency market, revealed Santiment. Although USDC’s exchange supply is at a yearly low, and USDT’s exchange supply has not changed much over the past month, the firm did highlight that USDT’s exchange supply has recorded an increase since June this year.
In their post, Santiment indicated that the exchange supply of these two stablecoins needs to increase before traders and investors can develop a medium-term bullish outlook for the cryptocurrency market. Despite this, the increase in the amount of USDT on exchanges since June may be a very early indication of momentum shifting in favor of bulls.
At press time, CoinMarketCap indicated that USDT was trading slightly below the Dollar at $0.9986. This was after the stablecoin’s price dropped 0.13% throughout the past week. Subsequently, the leading stablecoin’s market cap was estimated to be $83.461 billion. Meanwhile, USDC was trading at $1 at press time and its market cap stood at $26,143,967,367.
Overall, the trading volume in the cryptocurrency market over the past 24 hours stood at approximately $32.36 billion, which was a 45.04% increase throughout the past day of trading. Furthermore, stablecoins accounted for 93.89% of this total volume.
In related news, the market leader Bitcoin (BTC) was trading at $29,154.89 at press time. This was after the cryptocurrency posted a 0.42% gain over the past day of trading. This positive daily performance also boosted BTC’s weekly performance further into the green zone to +0.77%.
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