With Bitcoin seemingly finding a local top, all eyes in the crypto space have migrated to stablecoins, digital assets tied to and backed by a “stable” reserve asset. Although present in the cryptocurrency industry for 2017 and 2018, the assets have become increasingly important to the market over the past few months, as they’ve grown in supply.
In fact, per recent data from blockchain analytics firm Coin Metrics, the value of all stablecoins in circulation just passed over $9 billion for the first time ever. What’s especially interesting about this stat is six weeks ago, the aggregate value of all stablecoins was $6 billion.
That’s 50 percent growth in a multi-billion-dollar statistic within a month and a half, making it clear that it isn’t only central banks that are having their money printers operating at full speed.
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Decentralized finance (DeFi) has been one of the most used buzz-words in the crypto industry last year.
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Bitcoin has once again found itself caught in the throes of another period of consolidation as the benchmark crypto trades just a hair above its key near-term support at $6,800.
Ethereum has seen tremendous growth throughout the past several years, onboarding a significant amount of noteworthy decentralized applications to its blockchain while also enabling the growth of a billion-dollar DeFi ecosystem.
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