Stablecoin

Bitcoin

Threshold

Coin

<p><strong>Bitcoin saw a sizable price surge this past week, rising over 11% to reach nearly $30,000. <a href="https://x.com/santimentfeed/status/1715472387532304791?s=20" target="_blank" rel="noopener noreferrer nofollow">According</a> to blockchain analytics firm Santiment, this Bitcoin price boost was fueled in part by the increased accumulation of stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).</strong></p>
<p>The combined market capitalization of these major stablecoins grew substantially, now totaling over $120 billion. This expanded stablecoin market cap provides greater buying power that assisted the push of Bitcoin past the key $30,000 threshold.</p>
<p>Santiment notes that more sustained Bitcoin price rises are likely to materialize when whales continue building up their stablecoin holdings while Bitcoin trades sideways in its current range between $28,000-$32,000. The increased stablecoin reserves will allow larger investors to deploy funds into Bitcoin more easily when market conditions become favorable.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="658" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-1024x658.png" alt="" class="wp-image-360639" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-1024x658.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-300x193.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-767x493.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-1536x987.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-2048x1316.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-234x150.png 234w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-100x64.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-545x350.png 545w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-542-788x506.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>At the time of writing, Bitcoin is trading around $29,800, after briefly reaching $30,000 during the week. This still represents a significant 11% gain over the past 7 days.</p>
<p>Many cryptocurrency market observers view the $30,000 level as an important milestone for Bitcoin. Sustained trading above this psychologically important threshold could reinstate bullish sentiment and confidence that the 2022/2023 cryptocurrency bear market is coming to an end.</p>
<p>The influx of stablecoin capital provides the foundation for potential continued upside in the Bitcoin price. Crypto whales seem to be biding their time, stocking up on stablecoins while awaiting the next major market move. When these wealthy investors do deploy their now larger stablecoin holdings, the upside for Bitcoin could be substantial.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/stablecoin-market-cap-expansion-powers-bitcoin-above-crucial-threshold-report/">Stablecoin Market Cap Expansion Powers Bitcoin Above Crucial Threshold – Report</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Stablecoin Market Cap Expansion Powers Bitcoin Above Crucial Threshold – Report

Table of Contents

CaptainAltcoin

Other articles published on Oct 21, 2023

Hacken Token (HAI) Price Prediction 2024, 2025, 2030, 2040, and 2050

NCLH Stock Price On A 3-Day Losing Streak: Can It Recover?

Battle of SEC vs LBRY Ends With the Latter Admitting Defeat

Massive SHIB Whale Moves Trillions Across the Market: Report

China’s Central Bank Governor Speaks About Cryptocurrencies

Voxies (VOXEL) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!