👉👉What’s Driven Bitcoin’s Price Since the Beginning of the Year? CEO Gives the Real Answer 👈👈

According to an analysis by CryptoQuant, the recent increase in stablecoin market value could lead to an uptrend in Bitcoin and other major cryptocurrencies.

CryptoQuant Research Director Julio Moreno emphasized the importance of liquidity that stablecoins provide to the cryptocurrency market. Moreno drew attention to data showing that there has been a significant net inflow of stablecoins to centralized cryptocurrency exchanges in the last two months. “As stablecoin reserves on exchanges grow, we see USDT reaching a record high of $22.5 billion by 2024,” he said.

Stablecoins pegged to fiat currencies such as the US dollar act as a bridge by providing liquidity and a stable medium of exchange for investors. More stablecoin inflows to exchanges support the increasing purchasing power of Bitcoin and other cryptocurrencies. CryptoQuant data shows that the total stablecoin market cap hit a new record high this year, reaching $169 billion, which Moreno believes is positively correlated with higher Bitcoin prices.

In a recent analysis, CryptoQuant noted a strong correlation between stablecoin inflows and Bitcoin’s price action in September. “Stablecoin net inflows influenced the price increase observed towards the end of September,” the article said.

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