- Santiment revealed that the collective stablecoin market cap surged during the past week.
- According to the post, the stablecoin market cap recorded its 2nd largest 2-day rise since June this year.
- Santiment attributed BTC’s rise above $30K to the increase in investors’ buying power.
The blockchain intelligence platform, Santiment, revealed in an X post that the combined market caps of stablecoins surged during the past week. According to the post, this increased buying power is what allowed Bitcoin (BTC) to rise above the $30K mark. Santiment predicted that BTC’s price could continue to rise as long as whales accumulate stablecoins.
The combined market caps of #stablecoins $USDT, $USDC, $BUSD, $DAI, $TUSD, & $USDP surged this past week, increasing buying power that assisted #Bitcoin to #30K. More sustained rises will come when whales accumulate stablecoins while $BTC remains flat. https://t.co/Fh16oIzHUI pic.twitter.com/UX9YjGZNJB— Santiment (@santimentfeed) October 20, 2023
Further on-chain analysis showed that the collective stablecoin market cap recorded its largest 2-day rise since the middle of June this year. The also post revealed that this uptic…
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