Eyeing USDC(ERC) for BTC Price's Outlook

Eyeing-USDCERC-for-BTC-Prices-Outlook

BTC price has been moving sideways lately under downward pressure, but this is not the first time this year. And every time it has happened, its price has rebounded dramatically and rallied higher.

Whether or not the rally continues probably depends on one of the most necessary things for the crypto market to thrive: new capital inflows.

Unfortunately, all stablecoin supply has been declining for the 18 months, so 2023 bull rally can never be understood by all stablecoin supply alone.

Therefore, we need to focus on USDT (ERC), which has been coupled with this year’s rally.

In fact, in early Dec 2022 and early March and mid-June of 2023, USDT (ERC)’s circulating supply increased and subsequently push its price upward. So we believe that there is a significant correlation between the two.

FYI, the circulation of USDT(ERC) has gradually increased since July 2023, so I expect USDT(ERC) to play a crucial role if its price drops in the future.