Crypto Market to be 'Much Bigger' in the Future: Blockchain.com CEO
The crypto market has been consolidating for more than a fortnight now. Bitcoin has been rangebound between $26k-$27.5k. Likewise, most other large and mid-cap assets have also been consolidating. However, there are several on-chain signs pointing toward recovery at this stage. The Stablecoin Supply Ratio [SSR], for instance, has been dropping over the past few days. In the first week of the month, it created a local peak at 8.09. Now, however, it is down to 7.35. Lower values usually indicate a comparatively high stablecoin supply. Historically SSR bottoms have led to some form of strong recovery if not a complete trend reversal. Thus, it can be contended that the current downtrend is pointing toward the textbook theory of buy pressure gaining steam and hints towards a possible leg up for Bitcoin. Source: CryptoQuant In fact, several companies like Blockchain.com have been bearing the fruit of stablecoin adoption . At the Qatar Economic Forum, the company’s Co-Founder and C...