As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the ebb and flow of digital assets like Bitcoin. The recent surge in stablecoin inflows to crypto exchanges, reaching an all-time high of over $9.7 billion, is a sight that brings both excitement and caution.
The amount of stablecoins moving into cryptocurrency trading platforms has hit an all-time monthly peak, indicating a rising curiosity among investors towards the crypto sector. This spike might propel Bitcoin’s value towards the $100,000 mark well before November concludes.
Stablecoin inflows to crypto exchanges hit a new monthly high of over $9.7 billion.
This observation might indicate a rise in interest among cryptocurrency investors, as per Leon Waidmann, the head of research at The Onchain Foundation, who made this comment in a recent Reddit post on November 21st.
“Stablecoin inflows to exchanges hit $9.7B in 30 days! The LARGEST monthly inflow EVER. Stablecoin liquidity is back. Speculative demand continues to explode!”
A strong trend in regular stablecoin deposits might steer Bitcoin’s price towards reaching $100,000 by the close of November, as this month has a tendency to be particularly favorable for significant Bitcoin gains in historical terms.
An increase in steady coin deposits into cryptocurrency platforms might indicate approaching purchasing demand and expanding interest among investors, since stablecoins serve as a primary entry point for investors transitioning from traditional (fiat) currency to digital currencies.
Can record stablecoin inflows push Bitcoin beyond $100,000?
Growing stablecoin inflows can significantly impact the price of the world’s first cryptocurrency.
Starting August 5th, when Bitcoin hit a five-month low of around $49,500 and began to rebound, Tether produced approximately $1.3 billion worth of USDt (USDT). This injection of funds seems to have contributed to the subsequent 21% surge in Bitcoin’s price from $49,500 to over $60,200 between August 5th and August 9th.
According to various analysts, including Ryan Lee from Bitget Research, it is anticipated that Bitcoin could surge to $100,000 prior to the current month’s conclusion, as reported by CryptoMoon.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
Flows into Bitcoin exchange-traded funds (ETFs) are adding fuel to the rise in Bitcoin’s price. On November 20 alone, US Bitcoin ETFs accumulated over $773 million in cumulative net positive inflows, marking the third consecutive day of growth as per data from Farside Investors.
For six weeks straight, U.S. Bitcoin Exchange Traded Funds (ETFs) have seen a surge in investments, with more than $1.67 billion being added during the week of November 11-15.
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2024-11-21 12:14