The increase in the supply of stablecoins indicates that the rise of cryptocurrencies is not over yet:
IntoTheBlock indicated on Friday that the total supply of stablecoins has risen to $219 billion, demonstrating continued growth in the cryptocurrency market and that it has not peaked yet.
According to historical data, the supply of stablecoins often peaks during market recoveries, with the previous peak recorded at $187 billion in April 2022 before the decline began.
With the current supply exceeding its previous level and continuing to rise, it appears that the market is still in a growth phase.
After falling below $77,000 this week, the price of Bitcoin rebounded, surpassing $85,000 on Friday morning, according to TradingView data.
Currently, it is trading above $84,000, recording a 1% increase over 24 hours.
This rise coincides with an increase in the market capitalization of major stablecoins, such as USDT, USDC, BUSD, and DAI, which rose from about $204 billion to over $205 billion between March 10 and 14, according to Glassnode data.
Stablecoins play a key role in linking fiat currencies to crypto markets, as they are used in most trading pairs and enhance market liquidity.