Bitcoin goes up by 76% in three weeks, and traders hold $ 1 billion in stablecoins

Bitcoin goes up by 76% in three weeks

Today, BTC price has risen to $6,700, gaining 5% in 24 hours. On March 13, the coin’s price fell below $3,800 — since then, bitcoin has gone up 76%.

Cryptocurrency market capitalization during this time increased by 48% and now amounts to $130 billion. The share of BTC stayed almost unchanged during the month and was near the level of 65%. Today, the vast majority of TOP-100 assets are trading in positive territory: Ethereum gained 3.72% of the value, Bitcoin Cash went up by 4.15%, Bitcoin SV — by 3.85%

Traders hold $1billion in stablecoins on exchanges

The amount of funds investors keep in stable coins has exceeded $1 billion, TokenAnalyst specialist Ankit Chiplunkar reports. Over the month, this indicator grew by 146% — in early March, market participants held $405 million in USDT and USDC tokens.

According to him, this indicates the willingness of players to buy cryptocurrency.

“Update the USDT + USDC stablecoin balances in exchanges has crossed $1B. It is a measure of how much money is sitting on the sidelines or placed in limit orders at exchanges, waiting for the perfect moment to buy,” Chiplunkar wrote.

A similar opinion is shared by Joseph Young, an analyst at Longhash. The accumulation of funds by traders indicates a rapid increase in prices — since they did not withdraw their assets from the platforms, they are going to invest them in crypto assets at the right time, he said.

The number of wallets with 1 BTC is close to 800 thousand

The number of addresses with at least one bitcoin is 799,717, the Glassnode service says.

Analysts point out that the popularity of the first cryptocurrency continues to grow, despite the dropping price. Since the end of 2017, the price of BTC has been in a bearish trend, however, during this time, more than 124 million new wallets have been registered in the network.

A surge in user activity will occur along with a sharp rise in the price of the cryptocurrency, experts say. For example, in June 2019, when bitcoin price reached $13,700, the number of active addresses increased to a one and a half year’s high.

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