Stablecoin Market At $181B To Lay the Foundation for $100K Bitcoin?

The stablecoin market has surged to $181 billion, up 3% in the past week, as Bitcoin and the broader crypto market continue their historic rally, data from DeFiLlama shows. Just one month ago, the market was valued at $172 billion.

This implies that market participants have demanded approximately $9 billion worth of stablecoins over the last 30 days. This figure is further confirmed by the consistent uptrend in stablecoin minting in recent times.

$7B USDT Minted in Two Weeks

Just 19 hours ago, the largest stablecoin issuer, Tether (USDT), minted $1 billion USDT. This latest minting follows a $2 billion issuance just three days ago.

Meanwhile, several other mintings of billions of USDT have taken place over the last two weeks of November. Specifically, Tether has minted $7 billion USDT since November 6.

As a result, the dominance of Tether’s USDT has reached 70.19%, with a market cap of $127 billion. Its closest competitor, USD Coin (USDC), has a market cap of $36 billion, with several mintings this month.

Bitcoin’s Path to $100K Appears More Likely

The influx of USDT and USDC has coincided with renewed interest in the crypto market, fueling the ongoing bull run.

For example, Bitcoin recently set a new all-time high at $93,500, having rallied by approximately 40% in the last two weeks from $66,800. Bitcoin has continued to break new peak values almost daily since Donald Trump won the U.S. presidential election in 2016.

With Bitcoin trading above $90,000, its path to the much-coveted $100K now seems more promising than ever.

Amid Bitcoin’s rally, several altcoins have also seen historic price performances, with one prime example being Dogecoin (DOGE). The meme coin king has surged by over 200% in the last few days, rising from $0.14 to trade above $0.43, a price point not seen since June 2021.