Decentral Block Post

The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.

USDT, USDC market cap ratio hits the lowest on record

Notably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.

This is the closest USDC has come to challenging USDT's supremacy in the stablecoin sector based on the diminishing gap between their market caps.

In detail, the USDT to USDC market cap ratio was above "9" in August 2020. However, in July, it dropped to 1.20, the lowest on record, as shown in the chart below.

At the current rate — and with less than $10 billion now separating the two stablecoins — USDC can surpass USDT by market capitalization in a few months, if not weeks. 

The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.

USDT, USDC market cap ratio hits the lowest on record

Notably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.

This is the closest USDC has come to challenging USDT's supremacy in the stablecoin sector based on the diminishing gap between their market caps.

In detail, the USDT to USDC market cap ratio was above "9" in August 2020. However, in July, it dropped to 1.20, the lowest on record, as shown in the chart below.

At the current rate — and with less than $10 billion now separating the two stablecoins — USDC can surpass USDT by market capitalization in a few months, if not weeks. 

Bitcoin (BTC) has a “neutral to positive” outlook despite staying below $20,000, according to ARK Investment Management.

In its latest "Bitcoin Monthly" report, the American asset management giant flagged signs that BTC price action is close to bottoming.

Wood: "We're waiting for more capitulation signals"

One of Bitcoin’s most vocal supporters, ARK and CEO, Cathie Wood, have stuck with BTC exposure as the market continues to fall from all-time highs.

The latest Bitcoin Monthly release confirms that conviction, with Wood, analysts and research associate David Puell suggesting that little ground remains to be covered before BTC/USD reverses.

“Down 70% from its all-time high, bitcoin is trading at or below some of its most important levels: its 200-week moving average, the general cost basis of the market (realized price), the cost bases of long-term (LTH) and short-term holders (STH), and its 2017 peak,” the report reads.

The crypto community is looking into three key dates this month that could profoundly impact the trajectory of the crypto market and the wider United States macroeconomic environment this year. 

On July 13, the monthly Consumer Price Index (CPI) and data relating to inflation will be released to the public. On July 26-27, a decision will be made as to whether to hike interest rates further, while on July 28, the United States Q2 2022 Gross Domestic Product (GDP) estimates will tell us whether the country is in a technical recession.

July 13: Inflation marker, CPI

Micahel van de Poppe, CEO and founder of crypto consultancy and educational platform EightGlobal, told his 614,300 Twitter followers on July 4 that it’s “all eyes on the CPI data next week,” adding bullish forecasts for Bitcoin should it flip above its $20,000 price point.

Co-founder of The Crypto Academy, known on Twitter as 'Wolves of Crypto', told his followers to keep an eye out for the date, adding that CPI going lower than expected “could be the catalyst for a dead cat bounce” for Bitcoin.

“All eyes on CPI numbers on July 13th. If CPI comes in lower, that will be the catalyst for a dead cat bounce.”