CryptoQuant: the volume of stablecoins on the wallets of cryptocurrency exchanges reaches $ 4.7 billion

According to CryptoQuant, the volume of stablecoins in wallets of cryptocurrency exchanges has reached an all-time high of $ 4.7 billion amid the resumption of the bullish trend in cryptocurrency markets.

how reports analytical company CryptoQuant, January 28, the volume of stablecoins in wallets of global cryptocurrency exchanges reached a new record and exceeded $ 4.7 billion. This amount represents a significant part of the total market capitalization of stablecoins, which, according to CoinGecko, is estimated at about $ 37.2 billion. The total trading volume of stablecoins is now approximately $ 111 billion, of which $ 103 billion is in Tether (USDT).

The number of stablecoin transfers to exchanges reached almost 33,000 transactions on January 28, up from 30,000 transactions on January 27. The massive influx of stablecoins to exchanges is often seen as a short-term catalyst for the price of BTC and may indicate that capital is returning to Bitcoin.

Fiat-pegged stablecoins are becoming a useful tool for traders when depositing on cryptocurrency exchanges, allowing them to easily buy and sell large amounts of BTC. Thus, the increase in the number of stablecoins on exchanges may be associated with an increase in purchasing power.

At the moment, there is a noticeable upward trend in cryptocurrency markets – most of the top 10 coins by market capitalization show significant growth. According to CoinMarketCap, the price of bitcoin rose by about 17% per day and exceeded $ 37,498 on some exchanges.

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