Latest data indicate that there may be a big rise in the cryptocurrency market.
On-chain data platform CryptoQuant author “maartunn” wrote on March 29. in sharingthe biggest ever during the day. USD Coin (USDC) He said the flow was happening.
to Coinbase 1.4 billion on the dollar USDC was deposited The author states that this size an amount indicates purchasing he emphasized.
According to the author, the stablecoin demand in question is used to purchase Bitcoin.
A deposit of this magnitude has only occurred once in history. January 9, 2023 It took place on. $1.3 billion The deposit came when Bitcoin was at one of the lowest levels of the cycle, around $16,800.
After the huge deposit at that time, Bitcoin started to rally, increased over 4x and it never dropped to those prices again.
According to CoinGecko data, Bitcoin, at the time of writing from $70,282 is being traded.