One issue that has surfaced in the crypto market in recent weeks is when it will experience an uptrend. Analysts and investors are predicting that this crypto marketplace uptrend is just around the corner even as criticisms have surfaced over the past few years regarding these predictions. However, investors are still looking for signs to back up their predictions.
With Bitcoin’s “safe haven” theory on the verge of collapse, there appears to be a recent development in the crypto market. This recent development is the constant growth of stablecoins.
Even as stablecoins continue to rise, it is not taken seriously but there are signs that it might just affect the cryptocurrency market positively.
Stablecoins rise begins crypto marketplace uptrend?
It’s no news that cryptocurrencies including bitcoin have dipped in recent weeks with traders opting to exit their crypto positions. However, they are still in the crypto marketplace as they remain positive regarding the current situation.
This positivity might just be here as we are witnessing an increase in the growth of BOE (Balance of Exchange) of stablecoins. Does it remain to be seen if this increase might mark the beginning of the crypto market uptrend?
Crypto economy more “dry powder” than ever
In his recent tweet, Ryan Selkis explained the growth of stablecoins stating that the crypto economy has more “dry powder” than ever. He said:
There’s over $3billion stablecoins available for exchange. Investors ought to withdraw existing funds to their bank accounts if they want to cash out of crypto entirely. Instead, we now have more dry powder in the crypto market – in terms of real and market capital %.
Investors should have every reason to be positive due to the number of stablecoins available. Although, it should increase more than this value to have a huge impact on the crypto market because it only occupies a small fraction of the total crypto marketplace size.
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