With Bitcoin (BTC) trading near $41,000 on March 21, the increase in the number of stablecoins suggests that a significant move in the cryptocurrency market is possible.
According to data published on March 21 by on-chain behavior analysis platform Santiment, Tether (USDT) has had two of the largest increases in address activity in 2022.
On March 19, the platform revealed that "stablecoins are finally beginning to move," as the number of USDT unique addresses reached its highest level since December 2020.
The platform highlighted two dates, March 17 (83,000) and March 19 (74,000), as the two busiest days of 2022 in terms of addresses interacting on the network, while advising crypto traders to "keep an eye on this diminishing stagnancy."
Also on March 21, another stablecoin USD Coin (USD), a digital stablecoin pegged to the US dollar, was traded out of a Crypto.com wallet for 200 million USDC or the equivalent of $200 million, according to transaction data from Whale Alert, indicating that big stablecoin money is on the move.
Bitcoin's price is leveling off.
Given the recent market calm, cryptocurrency investors are hoping that bitcoin and other top cryptocurrencies are in a phase of consolidation before another rally.
According to prominent crypto trading analyst Ali Martinez, the number of new daily addresses created on the BTC network forms a bullish divergence from prices.
According to Martinez:
“While BTC consolidates between $37.4K & $44K, the # of new daily addresses made a higher high of 427K addresses. “
Finally, he believes that "it suggests an increase in user adoption over time," which correlates with the number of Bitcoin holders, which KMT57 recently reported reached an all-time high of nearly 40 million addresses last week.
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