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PraxisVeritas.io
@praxisveritas
Major stablecoin (USDT, USDC & DAI) issuance continues pushing to new highs on a daily basis over the past few weeks. One indicator we can use to assess the broader crypto rally is to look at how major stablecoin volumes are changing relative to the aggregate market cap. The second chart below plots the 1 month change in the major stablecoin share of the aggregate crypto market capitalization in grey. Periods of persistent declines in the stablecoin share coincide with broad price increases in the window since these data have been available. Currently we are seeing the stablecoin share decline by ~1% point over the past month.
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