As a seasoned analyst with a decade of experience in the ever-evolving world of cryptocurrencies, I find this recent surge in Tether network wallet creation and Multi Collateral Dai growth intriguing. The timing suggests that we might be witnessing a new wave of capital inflow into the crypto market, which could be a positive sign of renewed trader confidence.
The Tether network quietly achieved a 5-month high in new wallet creation, surpassing 31.3K addresses in a single day, and the highest since March 2024.
This increase aligns with the expansion of Multi Collateral Dai’s network, suggesting a widespread pattern pertaining to stablecoins as a whole.
Based on Santiment’s findings, there were 732 newly created DAI wallets, which is the fourth-highest number since March 2024. It’s intriguing that these new wallets appeared post-market recovery and without a substantial decrease in Bitcoin or Ethereum wallet activity, indicating that fresh funds could be flowing into the cryptocurrency market.
Such a situation might indicate increased trust among traders, as they prepare their investments to capitalize on prospective profits down the line.
“Given that these newly developed wallets appear to emerge following the market’s recovery, and no significant drop has been observed in Bitcoin or Ethereum wallet numbers, it could indicate an influx of fresh funds into cryptocurrency as traders’ faith grows stronger.”
This past week, it was noted by CryptoPotato that the total market capitalization of stablecoins, excluding algorithmic ones, has hit an all-time high. As per DefiLlama’s data, this amount currently hovers around $170 billion, having experienced consistent growth for almost a year.
Among stablecoins, Tether’s USDT leads with a market cap of more than $118 billion, with Circle’s USDC coming in second at around $34.43 billion. DAI ranks third with a market cap of approximately $5.36 billion.
In a swift rise, PayPal’s U.S. dollar-linked digital coin, known as PayPal USD, has ascended to become one of the top five stablecoins, boasting a market capitalization exceeding $1 billion.
Just in time, fresh capital entered the market as Bitcoin (BTC) and many alternative coins (altcoins) plummeted over the last 24 hours to levels not seen for weeks. This situation might offer investors an opportunity to invest stablecoins into Bitcoin or other assets.
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2024-08-28 19:22