According to data from leading crypto analytics firm Santiment, a distinct trend has unfolded in the stablecoin sphere. Even as stablecoins designed to maintain parity with a reserve asset like the US dollar, continue to hold their $1 peg, the combined market capitalization of the top five stablecoins – Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD) – has been experiencing a consistent decrease. Santiment reports earlier today that this downtrend began about 15 months ago, following a peak in March 2022. According to Santiment, Stablecoin market capitalization serves as a reliable indicator of the overall health of the crypto market. An upswing in the market cap signifies an increased buying power to purchase Bitcoin or altcoins in the future, often hinting at a potential market recovery. Conversely, a declining market cap could indicate that Bitcoin and altcoins are being liquidated, suggesting that large holders have been banking profits. Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin Sharks And Whales Remain Unshaken Among the stablecoin ecosystems, large holders, colloquially know ..
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