$3,000,000,000 in ‘Dry Powder’ Poised to Enter Bitcoin (BTC) and Cryptocurrency Markets: Messari CEO
The CEO of blockchain database startup Messari says there’s a huge amount of crypto capital sitting on the sidelines, ready to move into Bitcoin, Ethereum, XRP and the greater altcoin markets.
Ryan Selkis cites new data that shows cryptocurrency exchanges are now holding over $3 billion in stablecoins on behalf of their customers.
He says these investors are in a strategic position to re-enter the speculative crypto market at a moment’s notice.
“There’s now $3 billion++ of stablecoins sitting on exchanges. If investors wanted to cash out of crypto completely, they would have withdrawn funds to banks. Instead, we’ve got more dry powder held in the crypto economy than ever before. In both real and market cap % terms.”
Stablecoins are digital currencies that are pegged to traditional assets like fiat. They’re designed to hold a steady value and offer crypto traders an easy way to escape the high volatility of the crypto markets.
Back in November, Binance Research published a report on the habits of 69 high-net-worth customers with crypto allocations ranging from $100,000 to $25 million.
The survey found that 96% of those investors are utilizing the stablecoin market, with Tether (USDT) ranking as the top stablecoin by a wide margin.
“Despite its ongoing legal issue being considered one of the most significant risks for the industry, USD Tether (USDT) remained the most widely used stablecoin (40%), for reasons quoted such as greater liquidity and higher market capitalization than its peers.
While alternative options are also being used, stablecoins backed by exchanges, like USDC (Coinbase, Circle) and BUSD (Binance), seemed to spark more prominent interest from many respondents than other (than USDT) fiat-backed competitors.”
Focus on digital currencies: How Bitcoin & Co. move on Thursday
The Bitcoin price was trading at $ 6,985.90 on Thursday. The Bitcoin price climbed above the previous day's level of $ 6,637.68.
The Bitcoin cash rate rose to $ 230.50 after hitting $ 215.29 the previous day.
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The Litecoin price soared to $ 42.46. The price had been $ 39.30 the previous day.
The price of the Ripple digital currency is up today at $ 0.1884. The previous day, the price was $ 0.1808.
The Cardano rate rose to $ 0.0338 after trading at $ 0.0319 the previous day.
The Monero price was trading at $ 56.02 on Thursday. The Monero price rose above the previous day's level of $ 54.78.
The IOTA course is stronger compared to the previous day. An IOTA is currently worth $ 0.1584. Yesterday the price was still at $ 0.1486.
The price of the digital currency Verge is up today at $ 0.0027. The previous day, the price was $ 0.0026.
The rate of the Stellar digital currency rose to $ 0.0487 on Thursday. The previous day, the digital currency exchange rate was valued at $ 0.0465.
The NEM price increases to $ 0.0373. The previous day, it was $ 0.0361.
The dash course has risen. The dash rose to $ 75.20 after trading at $ 71.95 the previous day.
Today the NEO price rose to $ 7.450. This made the NEO rate more expensive than the previous day's level of $ 7.120.
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BITCOIN TO $9,000 BY NEXT WEEK?! Or not… 💥 LIVE Crypto Analysis TA & BTC Cryptocurrency Price News
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54% of Crypto Traders on Leading Global Exchange Own XRP, Surpassing Bitcoin (BTC) by Wide Margin
New data from the global social trading and multi-asset brokerage company eToro shows XRP is by far the most popular crypto asset on the platform.
According to the company’s latest quarterly report, 54% of cryptocurrency traders on eToro are invested in XRP.
Bitcoin (BTC) is the second most-popular crypto asset on eToro, with 35% invested in the leading cryptocurrency by market cap. Here’s a look at the stats for all 15 coins available on the platform.
Percentage of Users Invested
The report also analyzes the state of the so-called XRP Army – a term used to describe fans of the cross-border payments company Ripple and the digital asset XRP.
In the first quarter of 2020, the number of people discussing XRP on Twitter dropped 16%. It’s part of a larger trend that has affected the broader crypto market since the top of the last bull cycle.
“The number of Twitter users in the ‘XRP Army’ (the name given to the cryptocurrency’s supporters) has fallen by more than 50% since October 2018 and declined by over 82% since January 2018 highs. For comparison, the number of Twitter users discussing Bitcoin dropped by 58% from all-time highs.”
The third-largest cryptocurrency by market cap began the year at $0.1937. It then rose to a high of $0.3369 on February 14th and plunged to a low of $0.1351 on March 16th amid the widescale coronavirus collapse.
According to CoinMarketCap, XRP is now $0.1913 at time of publishing, up 1.18% in the last 24 hours.