• Bitcoin (BTC) is still in a bull cycle despite recent corrections, according to Quant Analyst Ki Young Ju.
• Low selling pressure from long-term holders indicates that the current market is not at cyclic top.
• Stablecoins are needed for buy-side liquidity and the dominance of Tether (USDT) is increasing.
Bitcoin Still In Bull Cycle Despite Correction
The co-founder and CEO of analytics platform CryptoQuant, Ki Young Ju, has analyzed Bitcoin (BTC) as the flagship crypto asset hovers nearly 10% below the 2023 high. According to Ju, Bitcoin is still in a bull cycle due to the low selling pressure being witnessed as a result of the majority of BTC acquired or mined more than six months ago remaining static. The CryptoQuant CEO further noted that lower selling pressure does not guarantee an increase in price but it’s less likely BTC is currently at cyclic top.
Stablecoins Needed For Buy-Side Liquidity
Ki Young Ju said that stablecoins for BTC are a good thing since people buy BTC using them and market will remain calm until more stablecoins are injected for buy-side liquidity. Last month, he also observed that stablecoin fuel was running low while USDT was eating up the stablecoin market with its dominance increasing over other competitors like USDC.
Low Selling Pressure Implications
With Bitcoin trading at $29,178 at time of writing, about 8.3% lower than the 2023 high of $31,806, Ki Young Ju has pointed out why this could be beneficial for investors in crypto assets. As long as there remains low selling pressure from long term holders it suggests there’s less likelihood that we’re currently at cyclic top which means buyers can enter into positions without fear of major losses if they’re patient enough to wait out any further corrections before another rally occurs.
Tether Dominance Increasing
The dominance of Tether (USDT) has been growing steadily over its closest rival USD Coin (USDC), with USDT having a market cap currently set at $83.8 billion compared to USDC’s $26.6 billion cap respectively. This means that USDT can be used more broadly across different markets making it more attractive to traders and investors who want access to wider variety of options when trading cryptocurrencies or digital assets online.
In conclusion, although Bitcoin has seen some corrections recently this does not necessarily mean that it’s no longer in a bull cycle as indicated by low selling pressure from long term holders which suggests buyers can still enter into positions without fear of major losses if they wait out any further corrections before another rally occurrs later down the line this year or early next year depending on how markets react going forward accordingly.. Additionally, it appears clear Tether’s dominance over other competing stablecoins continues to grow which should enable traders access increased liquidity when trading various digital assets online moving forward in future years too come alongside increased adoption amongst mainstream audiences too eventually hopefully soon enough as well ultimately all together combined!