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USDC could replace Tether despite skeptics

For a long time, Tether has been the biggest stablecoin in the market. Its market cap has sent it among the top 10 crypto assets. The importance of Tether also became even more underscored with the fall of Terra’s UST. But USDC, another major stablecoin is starting to make some progress. In fact, data shows that it could replace Tether despite growing skepticism about it. Here are some important points:

  • The total supply of USDC has been growing month after month

  • USDC has also seen a 1000% jump in its market cap since January

  • USDT on the other hand saw the largest number of redemptions in May

Data Source: TradingView 

Is USDC taking over?

Well, so far, USDC has not yet reached the same level as Tether. But it seems the fall of UST has accelerated the adoption of USDC in a huge way. Take this for example. At the start of the year, USDC had a market cap of around $4.1 billion. Today, the stablecoin has a market cap of above $55 billion. It’s almost 10 times higher than it was. 

Also, as USDC reported this growth, USDT on the other hand saw record numbers of redemptions over the past few weeks. In fact, redemptions for USDT hit -$13 billion in May alone. Now, these signs indicate that investor appetite for USDC is rising. If this trend continues, the coin will be much closer to USDT by the end of the year.

Are there risks of USDC de-pegging?

When Terra’s UST de-pegged from the dollar, it was largely the beginning of the end for the stablecoin. There are also fears that other dollar-pegged coins including USDC could follow the same fate. 

However, right now we do not see any immediate risks of USDC de-pegging. As a matter of fact, even during the most difficult months in crypto, USDC has maintained its peg quite impressively.

The post USDC could replace Tether despite skeptics appeared first on CoinJournal.

Binance Coin Price Prediction for Today, July 5: BNB Under Pressure; Price Slides Below $230

The Binance Coin price prediction shows that BNB is facing $220 support to gain momentum to overcome the resistance level of $250. Binance Coin Prediction Statistics Data: Binance Coin price now – $225 Binance Coin market cap – $38.4 billion Binance Coin circulating supply – 163.2 million Binance Coin total supply – 163.2 million Binance::Listen

The Binance Coin price prediction shows that BNB is facing $220 support to gain momentum to overcome the resistance level of $250.

Binance Coin Prediction Statistics Data:

  • Binance Coin price now – $225
  • Binance Coin market cap – $38.4 billion
  • Binance Coin circulating supply – 163.2 million
  • Binance Coin total supply – 163.2 million
  • Binance Coin Coinmarketcap ranking – #5

BNB/USD Market

Key Levels:

Resistance levels: $300, $320, $340

Support levels: $150, $130, $110

BNB/USD is facing the downside as the coin heads to cross below the 9-day and 21-day moving averages. During the European session today, the Binance Coin touches the resistance level of $236 with the generally bullish market, but at the time of writing, the coin is retreating below the opening price of $231.2.

Binance Coin Price Prediction: Would BNB Price Continue the Upward Movement?

The Binance Coin price is trading at $225.6 aiming to cross below the 9-day and 21-day moving averages in the daily chart. At the time of writing, the drop is likely to be slight as the technical indicator Relative Strength Index (14) nosedives below the 50-level. The nearest support at $220 is likely to hold despite the strong arm of the bears, while sideways trading could also take precedence based on the technical indicator.

However, for the coin to come out of the resistance range under $250, BNB/USD must pull toward $240 and focus on taking down higher hurdles at $300, $320, and $340. Nevertheless, if the bullish failed to push the coin to the upside and $200 support comes to focus, expect more support at $180 below the lower boundary of the channel, and any further support levels could be located at $150, $130, and $110.

BNB/BTC Market: Price Shooting to the Upside

Against Bitcoin, the Binance Coin is currently above the 9-day and 21-day moving averages. On the contrary, if the coin slides below the moving averages, the 1050 SAT and below could provide a support level for the next selling pressure, but the Relative Strength Index (14) moves to cross above the upper boundary of the channel.

BNBBTC – Daily Chart

Meanwhile, after touching the daily high of 1164 SAT today, BNB/BTC price drops to where it is currently trading at 1144 SAT. However, if the support level of 1100 SAT can act as a solid line of defense against any further downtrend; the resistance level of 1250 SAT and above may come into focus.

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USDC could replace Tether despite skeptics

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