Bitcoin has dropped below the $30k mark, while stablecoins go strong as they surpass over $100 billion in total supply.
Total Stablecoin Supply Is Now More Than $100 Billion
Here is a chart that shows the trend in the total supply and dominance of some popular coins:
The stablecoins total supply as reached a new height
There are a few interesting features in the graph. The total supply of these coins used to be only $11 billion in July of 2020, and now it seems to have risen $96 billion in the past 1 year, reaching about $107 billion today.
Related Reading | TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline
The company behind USDC, Circle, is currently in the process of going public with the help of a SPAC. In an investor presentation, the company revealed that they project USDC to rise to $83 billion by the end of 2022, and $194 billion by the end of 2023.
While BTC continues its downtrend and dips below the $30k mark, 2 stablecoins have made their way into the top performers for the past week.
These two coins are Fei Protocol (up 0.82% in the last 7 days) and TerraUSD (up 0.08% in the past week). Here is a chart that shows how the the popular cryptocurrencies by market cap have performed in the same period:
All the big coins seem to be down
Below is a chart showing the trend in Bitcoin’s price over the past 6 months:
Bitcoin has finally dropped out of the $30k to $35k range that the coin has been stuck in for the past few weeks. It could mean more price action could be coming following a very stale market with minimal volatility.
Featured image from Pexels.com, charts from Arcane Research, TradingView.com