Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin Whales Accumulated Over 16,000 BTC In Last Dip, Here’s More

Bitcoin whales amassed over 16,000 BTC in about 24 hours following the last dip. Similar activity was recorded as the market flipped green, with bulls looking to rake in gains. This sequence is usually the trend in a price correction in the bull cycle and leads to growing market inflows. This year, several institutions have bought the dip, pouring funds in anticipation of price gains. This follows the bullish drive in Q1 2024, which saw Bitcoin hit a new all-time high above $73,000 after the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs . On-chain Analyst Spot Whale Activities A new CryptoQuant report shows large transfers to whale addresses. In nearly 48 hours, whale purchases topped $1.5 billion as traders look to recover from the dip that wiped out almost $4 billion from the market cap. Fluctuations in BTC price stirred panic, leading to massive liquidations allowing bulls to accumulate assets. According to the report, the $1.5 billion seen in whale addresses does not include coins in centralized exchanges. There is a possibility that institutional players accumulated more assets but have not yet withdrawn them. Although the figures look impressive, these traders are mostly institutional traders with little input from retail. For Bitcoin’s price to break its all-time high, retail numbers need to go up significantly. Crypto enthusiasts reacted positively to recent crypto purchases from Bitcoin mining firms and other institutions. “Marathon Digital, $MARA, has acquired 6,474 BTC in November and has $160 million in cash reserved for potential future purchases. Marathon now holds 34,794 BTC, making it the second-largest corporate Bitcoin holder after MicroStrategy,” X user unusua_whales wrote. Impact on The Market Positive sentiments in Bitcoin translate to similar trading patterns in the wider market. This month, BTC surge to multiple all-time highs led to an upward swing in altcoins and meme tokens. Although Bitcoin maintained growing dominance, the market frenzy resulted in the total capitalization soaring past $3 trillion. Bitcoin currently trades at $97,094 as the asset tries to recover weekly losses. Altcoins like XRP have also marked gains recently with double-digit weekly numbers. Bitcoin bulls have set short price targets above $100K this year, and altcoin holders anticipate gains in their favorite coins. NewsBTC

---

Stablecoin Market Hits $190B As Yield-Bearing Alternatives Gain Traction

This week, the stablecoin market cap reached a new milestone, surpassing $190 billion and breaking its previous record from April 2022. The surge coincides with Bitcoin hitting all-time highs and the overall cryptocurrency market cap soaring to $3.4 trillion, underscoring the rapid adoption of stablecoins in the digital finance ecosystem. This week, the stablecoin market cap surged past $190B, breaking its April `22 record. With $BTC at all-time highs and crypto market cap at $3.4T, stablecoin adoption is surging. Source: @intotheblock pic.twitter.com/0HHVJkQpGR — Satoshi Club (@esatoshiclub) November 29, 2024 Tether, the largest stablecoin issuer, continues to dominate the market, minting an additional $1 billion in USDT yesterday. Since November 8, Tether has minted an impressive $14 billion in USDT, reflecting robust demand for its offerings. Tether minted another 1B $USDT ! #Tether has minted 14B $USDT since Nov 8! https://t.co/O3xDQf7ZwD pic.twitter.com/EsgCuskbSG — Lookonchain (@lookonchain) November 29, 2024 Yield-bearing Stablecoins Like $USDS Emerges As Strong Competitors However, yield-bearing stablecoins are emerging as formidable competitors, challenging USDT’s market dominance. One standout is $USDS, the stablecoin introduced by the SkyEcosystem. Offering an attractive 8.5% annual percentage yield (APY), $USDS allows users to earn passive income while utilizing their tokens for various financial activities, including transfers, staking, and lending. Yield-bearing stablecoins are emerging as strong contenders to challenge USDT`s dominance. $USDS , the stablecoin from @SkyEcosystem , offers an attractive 8.5% APY while enabling users to leverage their tokens for various purposes such as transfers, staking, and lending. pic.twitter.com/RnyuGQL5gb — IntoTheBlock (@intotheblock) November 29, 2024 Yield-bearing stablecoins like $USDS appeal to users seeking higher returns and enhanced utility, making them an increasingly popular choice. As the stablecoin market evolves, such innovative products are expected to play a significant role in shaping the future of digital assets. The stablecoin boom signals a growing shift towards decentralized finance, with users prioritizing stability, utility, and income generation. As more yield-bearing stablecoins enter the market, competition is likely to intensify, pushing issuers to innovate and deliver added value to their users. With the stablecoin market breaking records and new entrants challenging traditional leaders, the stage is set for a dynamic transformation in the way digital assets are utilized across the globe. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: itchaznong/ 123RF // Image Effects by Colorcinch NewsBTC