Altcoins
Crypto Market Liquidity Hits ATH, Altcoin Boom in Sight
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The crypto ecosystem is seeing more impressive capital inflows than ever, and current data from analytics platform CryptoQuant has revealed that market liquidity has reached a new all-time high (ATH).
Stable liquidity and altcoin boom
According to CryptoQuant data, the total circulating supply of ERC-20-based stablecoins is pegged at an ATH of 76,150,161,366.21, up 0.44%. CryptoQuant analysis predicts that this boom in stablecoin supply benefits not only Bitcoin (BTC), but altcoins as well.
“The increase in stablecoin supply may indicate buying demand not only for #Bitcoin but also for other coins, and to this extent the current market atmosphere can be interpreted as positive,” a said market analyst and researcher Crypto Dan in a statement.
Bitcoin remains the crucial anchor for broader market growth, and while its ATH stay remains a well-observed trend over the past week, CryptoQuant predicts that the altcoin boom is imminent.
The most capitalized of the horde, Ethereum (ETH), is set to welcome a crucial upgrade, the Dencun upgrade this will make the transaction costs and scalability of Layer 2 protocols highly optimized to encourage more improved uses.
Other notable altcoin moments
Although the majority of altcoins’ growth is fueled by the correlation they have with Bitcoin, many are not sitting on their laurels as their development is active.
Cardano also champions the release of new engines, with Midnight Protocol and Hydra among the most innovative which could be a game-changer for the growth of its ecosystem at all levels.
Although Cardano is a more established altcoin, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also creating strong momentum that could even push the first one out of the top 10 of the most capitalized digital currencies. In general, altcoins have the upper hand to lead this bull cycle because they can combine their internal catalysts with Bitcoin hype to print massive valuations.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.