The bitcoin and crypto market had a stable weekend, bitcoin price is stable above $7,100 from the resistance of $6,540. The bulls were successful in closing the week above the $7,000 level.
From the lows of $6,500, bitcoin surged more than $500 to reach highs of $7,300 before cooling down near the $7,100 support.
The market has continued to hold the $7,100 levels throughout the Asian market session early Monday, although with low volumes.
$7.6 billion in stablecoins on the sidelines
Stablecoins are cryptocurrencies that are pegged to fiat money, exchange-traded commodities (precious or Industrial metals) and in some cases cryptocurrencies. Stablecoins are redeemable in the currency in which they are pegged.
Onchain metrics from coin 360 shows there is close to $7.6 billion parked in stablecoins. We believe as the digitalAsset market continuous to grow in adoption and market capitalisation, stablecoins usage will only increase accordingly. The stablecoin market is currently dominated by:
- USDT - $6.37 billion
- USDC - $732 million
- PAX - $265 million
- BUSD - $35 million
Over the past 30 days fiat-collateralised stablecoins have had massive inflows:
- USDT +51.5%
- USDC +55.4%
- PAX +26.5%
- BUSD +74.7%
Notes
- The overall Bitcoin and digitalAsset market capitalisation stands at $207billion.
- 24h volume stands at $124 billion.
- Bitcoin dominance is currently at 63.5% of the market.
