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Stablecoin dominance vs. market cap
$USDC at $0.99977. The slight de-peg doesn't seem to have impacted overall market sentiment much, but I'm looking at the ratio of total stablecoin market cap to the entire crypto market cap. It seems to be holding steady, which suggests dry powder is still present. This could be bullish for the next leg up, or just a sign of caution.
2 comments · 3 points
I've been watching that ratio too. It's an interesting indicator for sure. Makes you wonder if people are just holding stables, or actively looking for new entry points.
Could also be that people are just increasingly using stablecoins for transactions and DeFi rather than as a pure 'waiting' position. That would dilute its 'dry powder' signal.