USDT, USDC and BUSD Represent 93 of Stablecoin Market Cap

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Research from onchain analytics provider Glassnode has revealed that the top three stablecoins represent more than 90 of the sectors entire market cap. Glassnodes Tuesday The Week Onchain report found that the top three stablecoins Tether USDT, USD Coin USDC and Binance USD BUSD have seen significant growth over the past six months to represent a combined capitalization of more than 60 billion, equal to 92.75 of the stablecoin market.

By contrast, six months ago, the combined stablecoin capitalization for those three was less than onethird of its current levels at 19.2 billion. This time last year, stablecoins were worth just 7 billion combined. The analysis compared the growth of stablecoins with Bitcoins BTC market cap, identifying a clear correlation between the two. The report also found that USDTs supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.

The report notes historic lows for its Stablecoin Supply Ratio SSR metric, which measures Bitcoins market cap relative to the total stablecoin supply to estimate the global buying power of the stablecoin sector. When BTC prices are low, the supply of stablecoins can buy a larger portion of it to push prices up. Conversely, as prices increase, the available stablecoins can purchase less, which reduces the influence on prices.

Источник FXPro

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