Many analysts in the crypto community have confirmed that the Bitcoin in March would be the lowest point for the leading crypto asset as the entire ecosystem gets ready for a new uprise.
Similarly, crypto rating platform, Weiss Rating, which claims to be unbiased, has said Bitcoin has bottomed enough, and irrespective of the state of the global financial market, the largest crypto is ready for a major turnaround.
The March 12 crash was undoubtedly a whooping blow for the entire ecosystem, as the majority of crypto derivatives trades against underlying assets at discount.
However, as Bitcoin gradually tries to overcome the bearish forces in the market, Weiss Rating confirmed that the crypto flash crash has ended. Weiss further stated that irrespective of happenings in the global stock markets, the entire crypto market is sure of getting an upward from here.
“The crypto flash crash is done. The bottom is confirmed. And regardless of what may happen in global stock markets, Bitcoin (BTC, Rated “B+”) and its cohorts are on an upward path, at least for now”, Weiss said.
Earlier Weiss related that the market crash, known as “Backwardation”, made traders remain cautious in their dealings as well as reduce their leverage.
USDT Market Cap Rising High: A Bullish Signal for Bitcoin
A lot of people who have their funds in the Dollar-backed stablecoins would have benefited greatly from the crash especially if they bought Bitcoin at the bottom.
As reported by Skew crypto tracking platform, there have been a sequential increase in the market cap of the Dollar-pegged USDT crypto-asset since last week.
The market cap of the leading stablecoin moved from below $5.8 billion to above $6bln+ within a week.
USDT market cap grinding higher in the last week to $6bln+ pic.twitter.com/jtxEKzlbmg
— skew (@skewdotcom) March 31, 2020
On Sunday, March 29, Coin Metrics analytical platform, also confirmed the rise in the market cap of all stablecoins across the ecosystem. Coin Metrics revealed that the market cap of stablecoins has been up by not less than 20% in the last one month, hence, it is on the verge of surpassing $8 billion.
As stated by Crypto analyst Charles Edward, this would be really bullish for Bitcoin and the entire crypto market.
Major changes in Tether's Market Cap have led Bitcoin's price over the last 1.5 years.
5 January 2020 was no different.
A healthy signal.
Keep it printing 🖨️ pic.twitter.com/dfe0dBJzwh
— Charles Edwards (@caprioleio) January 13, 2020