Stablecoin Market At $181B To Lay the Basis for $100K Bitcoin?

• Stablecoin provide rises to $181 billion, with $9 billion minted previously month.
• Tether (USDT) minted $7 billion in November, growing its market dominance to 70.19%.
• Bitcoin hits a brand new all-time excessive of $93,500, with $100K now showing extra attainable.

The stablecoin market has surged to $181 billion, up 3% previously week, as Bitcoin and the broader crypto market proceed their historic rally, information from DeFiLlama reveals. Only one month in the past, the market was valued at $172 billion.

This suggests that market individuals have demanded roughly $9 billion price of stablecoins during the last 30 days. This determine is additional confirmed by the constant uptrend in stablecoin minting in current instances.

$7B USDT Minted in Two Weeks

Simply 19 hours in the past, the most important stablecoin issuer, Tether (USDT), minted $1 billion USDT. This newest minting follows a $2 billion issuance simply three days in the past.

In the meantime, a number of different mintings of billions of USDT have taken place during the last two weeks of November. Particularly, Tether has minted $7 billion USDT since November 6.

Because of this, the dominance of Tether’s USDT has reached 70.19%, with a market cap of $127 billion. Its closest competitor, USD Coin (USDC), has a market cap of $36 billion, with a number of mintings this month.

Bitcoin’s Path to $100K Seems Extra Possible

The inflow of USDT and USDC has coincided with renewed curiosity within the crypto market, fueling the continuing bull run.

For instance, Bitcoin not too long ago set a brand new all-time excessive at $93,500, having rallied by roughly 40% within the final two weeks from $66,800. Bitcoin has continued to interrupt new peak values virtually day by day since Donald Trump gained the U.S. presidential election in 2016.

With Bitcoin buying and selling above $90,000, its path to the much-coveted $100K now appears extra promising than ever.

Amid Bitcoin’s rally, a number of altcoins have additionally seen historic worth performances, with one prime instance being Dogecoin (DOGE). The meme coin king has surged by over 200% in the previous couple of days, rising from $0.14 to commerce above $0.43, a worth level not seen since June 2021.