- Santiment tweeted that the combined total market cap for the top 5 stablecoins stands at $126.3 billion.
- According to Santiment’s tweet, an increase in stablecoin buying power will be bullish for BTC.
- In related news, BTC’s price has printed a 24-hour gain according to CoinMarketCap.
The blockchain analysis firm Santiment tweeted this morning after a great successful Q1 for the crypto markets came to an end. According to the tweet, the combined buying power for BUSD, USDT, USDC, USDP and DAI is approximately $126.3 billion.
Combined market cap for top 5 stablecoins (Source: Santiment)
The tweet also added that the decline in buying power has tapered off this week, and concluded that an increase in the buying power of the top 5 stablecoins would signal “a major increased probability of Bitcoin rising.”
At press time, the price of Bitcoin (BTC) is up 1.93% in the last 24 hours according to CoinMarketCap. This 24-hour increase in the market leader’s price has added to its positive weekly performance – taking the total weekly gain up to 3.16%. As a result, the price of BTC currently stands at $28,412.42.
In related news, the last 24 hours have seen the global crypto market cap rise 1.03% to take the combined total to around $1.19 trillion at press time. BTC’s dominance in the market has also risen 0.30% in the last day to give the leading crypto’s dominance to 46.43%.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price has broken out of the consolidation channel between $26,552.21 and $28,159.32 to trade at its current level. However, sell pressure seems to be trying to push BTC’s price back into the consolidation zone.
The daily RSI indicator suggests that bears will be able to bring BTC’s price down in the next 24 hours as the daily RSI line is trading below the daily RSI SMA line at press time.
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