$ 7 billion waiting for the right moment in Bitcoins and altcoins. The amount of stable cryptocurrency in the market has recently exceeded $ 7 billion. This figure has increased by 1.5 billion in the past 30 days alone. It is stated that this fact may create strong bullish pressure in the future.
As Bitcoin progressed bumpy, stable cryptocurrencies recently recorded a serious growth. The sum of stable cryptocurrencies indexed to USDT, USDC, PAX and many more US Dollars has exceeded $ 7 billion. This figure has increased by $ 1.5 billion in the past 30 days alone.
This increase, especially in the last 30 days, came with the rapid spread of the coronavirus epidemic worldwide.
The epidemic affected the global markets and caused havoc in cryptocurrencies. Declines in the market have led more investors to exit stable cryptocurrencies and switch to stable cryptocurrencies. This brought about the rapid growth of this market.
Bloqport, a cryptocurrency analysis entity, also drew attention to this fact. Bloqport emphasized that there is a lot of money waiting on the edge to enter crypto markets and Bitcoin, which may create a strong bullish pressure in the future.
Stable cryptocurrencies are used to fix the value and not be affected by the excessive price volatility in the cryptocurrency markets. There are stable cryptocurrencies supported by US Dollars, as well as those supported by Euro, Yen, Yuan or even gold. Also, a stable cryptocurrency called BiLira (TRYB) based on Turkish Lira was launched last year.
Accumulation in purchase orders
Meanwhile, for Bitcoin, there is a serious upturn in the purchase orders in the range of $ 5850 – $ 6000 in the short term. According to the data platform Bitcoinity, which offers the sum of the order boards of leading exchanges such as Bitfinex, Kraken and Coinbase Pro, purchase orders are very intense compared to sales. This shows that traders have mostly set the range of $ 5850 – $ 6000 in the short term, and this may be a bounce.