With Bitcoin (BTC) at around US$41k (AU$ 55.4k) on March 21, the number of stablecoins has changed, hinting that the cryptocurrency market could be about to witness a big move.
According to data from on-chain behaviour analysis platform Santiment released on March 21, Tether (USDT) has seen two of the most significant increases in address activity in 2022.
As of March 19, the number of USDT unique addresses had reached its highest since December 2020. Stablecoins are “finally beginning to move”, revealed the platform.
The platform highlighted March 17 and March 19 as the two busiest days of 2022 regarding the number of addresses on the network. It also noted that cryptocurrency traders should keep an eye on this decreasing stagnancy.
On March 21, another stablecoin called USD Coin (USDC), pegged to the US dollar was traded out of a Crypto.com wallet. According to transaction data from Whale Alert, the trading accounted for 200 million USDC (equal to AU$270 million), indicating that a huge move is on the horizon for this stablecoin.
Bitcoin’s price is stabilising
Currently, Bitcoin is down 1.24% in the last 24 hours, but it has been up 5.54% over the last week, trading at US$41,292 (AU$55,852). It has remained within this range for some time, showing a period of long-awaited stabilisation.
Because the market has been calm recently, crypto investors are hoping that bitcoin and other top cryptocurrencies are consolidating in advance of another improvement.
Ali Martinez, a well-known crypto trading analyst, says that the number of new BTC addresses created each day is a bullish divergence against the prices.
Martinez said: “While BTC is stable between $37.4K and $44K, the number of new daily addresses reached a new high of 427K.”
Ultimately, he thinks that “it suggests an increase in user adoption over time.” This is in line with the number of Bitcoin addresses, which Finbold recently reported hit an all-time high of almost 40 million last week.
