Prominent crypto analyst and CEO of Crypto Capital Venture, a leading US-based crypto recruiting Blockchain, Dan Gambardello, has in a recent YouTube video, explained that the present state of the Stablecoin’s buying power as an indication that Bitcoin is about to break the bullish triangle.
Gambardello pointed out that Bitcoin lovers have been anxiously anticipating for the next bull run of the pioneer cryptocurrency, and this has led to numerous predictions by different analysts in the crypto space, giving insights on when the expected BTC upsurge is going to happen.
Dan Gambardello sighted data examples from Glassnode, a respected on-chain crypto analysis platform in the cryptocurrency community. He explained that the Glassnode calculated the Stablecoins’ buying power by dividing bitcoin’s market cap by the market capitalization of all major stablecoin, and it was discovered that Stablecoins has more buying power, which could mean Bitcoins Bull run is nearer.
Stablecoins, according to Gambardello, represents a convenient vehicle that allows crypto investors and traders preserve their crypto assets and digital assets without having to cash out or exit the crypto ecosystem.
Talking about the market capitalization of Bitcoin, Gambardello submitted that the growth of Stablecoins has led to radical changes experienced in Bitcoin’s growth. While stablecoins have gained about 500% in term of market capitalization, BTC dropped by 12%.
Gambardello, however, pointed out that it is important to keep what was experienced within the first fifty weeks that followed the last two Bitcoin halving, as Bitcoin maintained fifty weeks moving average, which was a strong separator between a bear market and the bull market of the noble coin.
He further went on to elucidate that the emergence of the COVID-19 pandemic which has shut down the global economy is also affecting the Bitcoin bull run.