CryptoQuant CEO Ki Young Ju stated that the altcoin market is no longer driven by asset rotation from Bitcoin, but instead propelled by stablecoins and fiat trading pairs, breaking the previous framework of Bitcoin asset rotation. (Background: Bitcoin holds at $97,000! CryptoQuant: Breaking $100,000 is just a 'matter of time', with a peak outlook of $147,000) (Additional background: Bitcoin breaks $97,000! CryptoQuant CEO: Current data is similar to the early 2020 BTC bull market) Today (December 2), CryptoQuant CEO Ki Young Ju tweeted that the altcoin season is no longer defined by asset rotation coming from Bitcoin. He mentioned: "The surge in altcoin trading volume isn’t driven by BTC trading pairs but by stablecoin and fiat pairs, reflecting real market growth rather than asset rotation. Stablecoin liquidity better explains the altcoin markets." Alt season is no longer defined by asset rotation from #Bitcoin. The surge in altcoin trading volume isn’t driven by $BTC pairs but by stablecoin and fiat pairs, reflecting real market growth rather than asset rotation. Stablecoin liquidity better explains the altcoin markets. pic.twitter.com/riejM7oXyk — Ki Young Ju (@ki_young_ju) December 2, 2024 The issuance of stablecoins The role of stablecoins in the market is becoming increasingly important, especially the massive issuance and circulation of USDT, which indicates a strong demand for liquidity in the market. Recent data shows that since 2020, the total market value of stablecoins (green line) has steadily increased, reaching a peak of $180 billion in 2024, significantly up from $120 billion a year ago. Particularly after Trump’s election, the growth rate of stablecoins has noticeably accelerated since November 7 of this year. Community discussion hotspots This phenomenon has sparked heated discussions. Some users believe that Bitcoin's market dominance is declining, which is closely related to the growth of altcoin trading volume; while others predict that when Bitcoin trading pairs become active again, altcoin trading volume could double further. Additionally, some viewpoints indicate that an increasing number of new investors are choosing to hold stablecoins directly or enter the altcoin market rather than prioritizing the purchase of Bitcoin. They typically wait for Bitcoin prices to rebound before transferring funds to the Bitcoin market. Which altcoins have surged Recently, well-known altcoins such as XRP, SOL, DOGE, and PEPE have shown strong performance, with significant price increases. This month on Binance, the price increase ranking is as follows: XRP: Increased from $0.511 to $2.45, a rise of about 379.84%. ADA: Increased from $0.356 to $1.15, a rise of about 223.60%. DOGE: Increased from $0.16 to $0.437, a rise of about 173.13%. The Sandbox: Increased from $0.245 to $0.643, a rise of about 162.45%. PEPE: Increased from $0.00000893 to $0.00002088, a rise of about 133.79%. SOL: Increased from $166 to $228, a rise of about 37.37%. Further reading: Fly! XRP's market value surpasses USDT, SOL becomes the third-largest token, soaring 380% in a single month XRP price Related reports Bitcoin holds at $97,000! CryptoQuant: Breaking $100,000 is just a 'matter of time', with a peak outlook of $147,000 Bitcoin breaks $97,000! CryptoQuant CEO: Current data is similar to the early 2020 BTC bull market Bearish on Bitcoin! CryptoQuant CEO warns of a year-end 'drop below $59,000', guess the price point to win 0.1 BTC "Change in alt season logic? CryptoQuant CEO: No longer reliant on Bitcoin rotation, stablecoins become the driving force" This article was first published on BlockTempo (the most influential blockchain news media).

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