Market Cap of Top Five Stablecoins Surges to New All-Time High of $204,700,000,000, According to Analyst

A carefully adopted analyst says that the overall market cap of the 5 largest stablecoins has reached heights by no means seen earlier than.

Crypto dealer Ali Martinez tells his 131,400 followers on the social media platform X that the highest 5 dollar-pegged crypto belongings by market cap have a complete valuation of $204.7 billion.

The 5 largest stablecoins out there embody Tether’s USDT, Circle’s USDC, USDS, Ethena’s USDe and DAI, in keeping with information from CoinGecko.

A hovering stablecoin market cap suggests extra shopping for energy on the sidelines. It might additionally counsel that traders are unloading their crypto belongings in favor of dollar-pegged cash.

Ethena (ENA), a decentralized protocol designed to offer a crypto-based different to the normal banking system, Martinez says the altcoin is flashing a bullish sign based mostly on the Tom DeMark Sequential indicator.

Merchants use the TD Sequential Indicator to foretell potential pattern reversals for tokens based mostly on the closing costs of their 13 earlier bars or candles.

“Ethena ENA is flashing bullish alerts! A purchase sign from the TD Sequential indicator on the weekly chart, mixed with a hammer candlestick at key assist, suggests a powerful rebound might be forward.”

A hammer candlestick sample is usually seen as a bullish reversal sign with the candle wick indicating demand.

At time of writing, ENA is buying and selling for $0.44.

The dealer adds that the decentralized oracle community Chainlink (LINK) and the modular blockchain Celestia (TIA) are additionally showing indicators of a possible rebound based mostly on the TD Sequential indicator.

At time of writing, LINK is value $14.30 and TIA is buying and selling for $3.11.

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Featured Picture: Shutterstock/Natalia Siiatovskaia/Tithi Luadthong