Stablecoin On-Chain Activity Explodes as Bitcoin Breaks $11K
The on-chain activity for the three of the biggest stablecoins exploded as (BTC) was breaking the $11,000 price barrier.
Several stablecoins, including the market-leading Tether (USDT), have recently experienced a significant growth in market capitalization. We observe that a significant increase in the transfer volume of USDT, DAI (DAI), and USDC (USDC) coincided with the latest Bitcoin bull run. It is not clear from the chart whether this metric can be considered a leading or lagging indicator.
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