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Wednesday, November 30, 2022

Balances On USDC & Dai Show Bullish Signs For Crypto

The USDC or the USD as well as Dai, displayed on exchanges, have shown a bull behavior by reaching new highs in just last week, sources report. This behavior indicates a bullish performance for the entire cryptocurrency market. But that is only if this behavior reflects the whole market in order to buy or invest in crypto tokens, or at least, in these stablecoins. In fact, buying these stablecoins may just help tell the world what direction the entire crypto market is heading in. 

These stablecoins have been outperforming themselves for the past week. USDC, for example, is completely dollar-pegged (stablecoins at least back their tokens with a dollar). Its price -0.08% displayed on all the exchanges crossed over a total of $915 million. This was submitted back on Friday. Dai, on the other hand, also raised in value, went way above 81 million dollars. This behavior was recorded on Sunday. 

USDC’s Buying Power

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On the exchanges, USDC displayed a buying power, in total worth of $1 billion. It is further poised to move to assets. On February 1, sources reported that these assets might also include Bitcoin’s tokens. These figures, the higher, should definitely help trigger or entice newer investors’ confidence. The fact that all these dips are swiftly being rebounded makes it a bullish sign. 

Several analysts have also reported on how Bitcoin’s behavior can lead to being bullish. The best example right now is that the slight dip in the prices has not led to investors already weighing in on the selling side. Quite often, investors, as well as traders, prefer using stablecoins when it comes to investing in cryptocurrencies. What happens in these cases? It is deemed necessary to purchase tokens that are government-backed before putting any money in crypto. Hence, as shown, USDC seems to be the trustful and preferred currency used as a base.

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