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Bitcoin (BTC) broke above the $97,000 mark on Friday as the flagship cryptocurrency looked set to regain the $100,000 level heading into the weekend.
The recent rise in stablecoin market caps, particularly USDT and USDC, which added $2.5 billion and $1.2 billion to their market caps last week, could be attributing to the recent surge in crypto prices.
Stablecoin market cap saw a 2.2% gain in April
The stablecoin market cap saw a 2.2% gain in April, rising to $238 billion. The rise was driven by inflows into USDT and USDC in the past month.
The leading stablecoins saw significant additions to their market caps in the past week alone. USDT saw its market cap increase by $2.5 billion, while USDC saw a $1.2 billion rise.
USDC's market cap grew 3.07% to a record $62.1 billion in April, pushing its market share to 26.0%—the highest level since February 2023, according to the CoinDesk stablecoin report.
On the other hand, USDT's market cap climbed 2.26% to $148 billion, marking its twentieth straight monthly rise. Its market share also saw a modest rise from 61.8% to 61.9%, while its trading dominance on centralized exchanges reached 75.2% of total stablecoin volume.
The surge in stablecoin liquidity signifies a strong flow of capital into the crypto market.
Historically, rising stablecoin market caps have coincided with Bitcoin price gains, indicating greater liquidity and capital availability. The recent substantial growth in USDT and USDC reinforces this trend, likely contributing to upward pressure on Bitcoin, according to a Friday report by CryptoQuant.
“The 30-day expansion in USDT and USDC market cap is now above trend again, an indicator historically associated with rising Bitcoin prices,” CryptoQuant stated.
Bitcoin price rose above $97,000 early on Friday.
Long-Term Holders (LTH) have accumulated 254K BTC at an average price of $95K since the recent low, showcasing strong conviction and minimal de-risking, according to Glassnode.
Moreover, Short-Term Holders (STH) who have held BTC for over a month have returned to profit, as highlighted by Glassnode. A continuation of this trend could reduce selling pressure from older STHs and signal the early stages of a bullish trend.
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