The cumulative supply of the top three stablecoins – USDT, USDC, and DAI – has increased to $141.42 billion, the highest since May 2022.Other indicators like bitcoin’s MVRV Z-score suggest there is plenty of upside left in the top cryptocurrency by market value.steep rally has recently lost impetus. Still, the supply of stablecoins or dollar-pegged cryptocurrencies, often considered a powder keg that could be used to fund token purchases, continues to rise, reassuring stability to bitcoin bulls.
However, during the same time, the cumulative supply of the top three stablecoins, tether , USD Coin , and DAI , which dominate the stablecoin market with over 90% share, increased by 2.1% to $141.42 billion, reaching its highest level since May 2022, according to data from charting platform TradingView. The cumulative supply is up over $20 billion this year.
“As this continues to trend up, this shows that capital continues to flow into crypto markets," Reflexivity Research said in a newsletter dated April 2.Supply of top three stablecoins continues to rise. Other indicators like the Z-score of bitcoin’s market value-to-realized value ratio also indicate that the path of least resistance is on the higher side.
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