The amount of stablecoins transferred between exchanges has dropped by $100 million this week

The amount of stablecoins moving between exchanges has dropped significantly over the past few days, which may reduce the momentum of gains for the coins.

Stablecoin “immobile” on exchanges to wait for “opportunity”

The movement of stablecoins between exchanges is a “sign” as well as a motivation for the operation of cryptocurrencies. In the past few days, we have seen an uptrend and followed by a decrease in the amount of coins transferred and withdrawn.

Stablecoins are still a solid foundation for BTC. Currently, more than 70% of BTC transactions are done via the BTC / USDT pair, in addition to support from other currencies such as USDC, PAX and TUSD.

Token Analyst is still collecting data and closely observing the weekly activity of stablecoins. Often the movement of cash flow between exchanges always leads to big price fluctuations.

Some stablecoins are starting to become more attractive and are gradually replacing USDT’s influence, narrowing USDT’s market share to 95% across the stablecoin market. USDC doubled its supply yesterday, while TUSD and PAX almost lagged behind. PAX and TUSD are two of the coins that have more than one turnover per day. PAX’s revenue performance is 139% while TUSD’s turnover is 1.12 times / day. USDT’s revenue performance is 474%, significantly reduced from the peak of 1,000%.

USDT still has a great influence

The increased activity of stablecoins signals the short-term price movement of BTC, and acts as a catalyst for an increase in altcoin price. USDT currently supports strong trading activity of Ethereum (ETH) as well as helping to increase the volume of Litecoin (LTC), XRP and EOS.

The volatility of stablecoins is very unpredictable and the speed may change at any time, especially after 10 million USDT was just released on Monday. Then millions of USDT were also transferred to major exchanges.

Currently, the cryptocurrencies are at a critical moment. BTC is trying to recover especially after reaching a bottom of $ 7,800 recently.

The trading volume of the entire cryptocurrency market has not changed significantly in the past 3 months, with short-term volatile activities. 24-hour trading volume usually ranges from 50 billion to 60 billion USD. Stablecoins were more active when BTC hit the $ 8,200 threshold. Recently, USDT has surpassed Bitcoin Cash (BCH), climbing to the fourth position in its market capitalization. A few days ago, USDT reached a record supply of over 4.16 billion coins. Currently, this supply of stablecoins is above 4.1108 billion coins.