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Half Billion USDC Printed by Circle in 24 Hours Fuels Start of Altseason
Circle has minted over $588 million worth of USDC stablecoins within a span of just 24 hours, amidst a bullish crypto market and the S&P 500 reaching a new all-time high. This sudden surge could potentially mark the beginning of an altcoin season.
According to data provided by Stablecoin Printer, a dedicated account for on-chain analytics of minted stablecoins, four significant USDC mint events took place between August 11-12, collectively resulting in more than $588 million worth of new USDC tokens being printed. This substantial increase has brought the overall market capitalization of USDC to an astonishing $65.85 billion.
Circle’s actions are likely to have a substantial impact on the crypto space as the minted USDC will circulate and flow into the altcoin market, fuelling growth for alternative coins. This move suggests that users may be shifting their focus from Bitcoin to Ethereum or other smaller-cap cryptocurrencies, which could lead to significant price movements in the coming days.
Interestingly, data shows that Ethereum ETFs have seen an influx of $1.03 billion worth of net inflows on August 11, whereas Bitcoin ETFs have only seen a paltry $189.72 million. This substantial disparity highlights a stark preference for Ethereum over its rival, indicating a potential shift in the market sentiment towards alternative assets.
It is also important to note that Circle’s actions have led to Bitcoin dominance dipping below 60%, which is a significant milestone as it may signal the beginning of altcoin season.
Source: www.coinspeaker.com
