The market value of stablecoins backed by the US dollar could herald a new wave of activity.
According to a post by Bitcoin analyst Willy Woo, there appears to be an inverse relationship between the market value of Bitcoin and the total value of the stablecoin market.
The total market value of USDT issued by Tether and USDC issued by Circle continues to grow compared to that of Bitcoin.
According to CoinGecko data, USDT has a market value of $108.6 billion, while USDC has a market value of $32.6 billion.
Stablecoins are widely used by cryptocurrency investors to purchase crypto. The growth of the stablecoin market is generally interpreted by analysts as either new money entering the market or investors waiting for a buying opportunity.
Willy Woo shared a chart showing the difference between the two, stating, “It seems that (stablecoins) are telling us something.”
