{"id":526950,"date":"2023-04-15T13:58:47","date_gmt":"2023-04-15T13:58:47","guid":{"rendered":"https:\/\/wncen.com\/?p=526950"},"modified":"2024-06-11T07:06:48","modified_gmt":"2024-06-11T07:06:48","slug":"bitcoin-rise-fueled-stablecoins-on-chain-data","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","title":{"rendered":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests"},"content":{"rendered":"

On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset.<\/p>\n

Stablecoins Have Continued To Flow Into Bitcoin In Recent Days<\/h2>\n

As pointed out by an analyst on Twitter<\/a>, stablecoins flowing into BTC could be another catalyst behind the recent jump. The relevant indicator here is the “stablecoin supply ratio<\/a>” (SSR), which measures the ratio between the market cap of Bitcoin and combined market cap of the stablecoins<\/a>.<\/p>\n

Generally, investors use stables when they want to escape the volatility associated with most other assets in the market. When such investors who have taken shelter in stablecoins eventually feel that prices in the volatile markets are right to jump back in, they shift the stables back into their desired coins, thus providing a buying pressure to their prices.<\/p>\n

Because of this reason, the supply of these fiat-tied tokens can be thought of as the available buying supply for other cryptocurrencies like Bitcoin and Ethereum.<\/p>\n

Now, since the SSR compares the BTC supply with that of the stablecoins, it can help us know the relative potential amount of buying power for BTC that’s available in the sector currently.<\/p>\n

Related Reading: The Rise Of Bitcoin Continues: Trader Predicts $60k-$70k Range After Consolidation<\/a><\/div>\n

The below chart shows the trend in the Bitcoin SSR over the last year.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has gone up in recent days | Source: James V. Straten on Twitter<\/a><\/pre>\n
When the Bitcoin SSR has a low value, it means the market cap of Bitcoin is low compared to that of the stablecoins right now, and hence, a large amount of buying pressure may be available in the market.<\/p>\n
On the other hand, the indicator having a high value suggests the\u00a0current stablecoin supply doesn’t have too much buying power available to purchase BTC.<\/p>\n
Related Reading: Ark Invest Analyst Believes Bitcoin Could Reach $1 Million, But How?<\/a><\/div>\n
From the chart, it’s apparent that the SSR had sharply risen to a pretty high value when BTC had broken above the $28,000 level. This suggests that investors were possibly deploying their stablecoin reserves into the asset to fuel the rally.<\/p>\n
After the break, however, the asset had been stuck in consolidation for a few weeks around this level. While this was happening, though, the SSR had been constantly declining, implying that some fresh stablecoin gunpowder was accumulating in the market.<\/p>\n
In the last few days, as the cryptocurrency’s price has risen above the $30,000 level<\/a>, the SSR indicator has also once again shot up. This pattern may mean that it was the stables that had piled up in the market that were behind this latest leg up in the rally.<\/p>\n
Naturally, the higher the SSR goes, the more likely BTC gets to a top as the buying pressure runs dry. But since the metric was able to hit even higher values during the surge above $28,000, it’s possible that the cryptocurrency could have more room to grow before a high is hit.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,400, up 8% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has risen in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins Have Continued To Flow Into Bitcoin In Recent Days As pointed out by an analyst on Twitter, stablecoins flowing into BTC could be another catalyst behind the recent jump. The relevant indicator here is the “stablecoin supply ratio” (SSR), which measures the ratio between the market cap of Bitcoin and combined market cap of the stablecoins. Generally, investors use stables when they want to escape the volatility associated with most other assets in the market. When such investors who have taken shelter in stablecoins eventually feel that prices in the volatile markets are right to jump back in, they shift the stables back into their desired coins, thus providing a buying pressure to their prices. Because of this reason, the supply of these fiat-tied tokens can be thought of as the available buying supply for other cryptocurrencies like Bitcoin and Ethereum. Now, since the SSR compares the BTC supply with that of the stablecoins, it can help us know the relative potential amount of buying power for BTC that’s available in the sector currently. Related Reading: The Rise Of Bitcoin Continues: Trader Predicts $60k-$70k Range After Consolidation The below chart shows the trend in the Bitcoin SSR over the last year. Looks like the value of the metric has gone up in recent days | Source: James V. Straten on Twitter When the Bitcoin SSR has a low value, it means the market cap of Bitcoin is low compared to that of the stablecoins right now, and hence, a large amount of buying pressure may be available in the market. On the other hand, the indicator having a high value suggests the\u00a0current stablecoin supply doesn’t have too much buying power available to purchase BTC. Related Reading: Ark Invest Analyst Believes Bitcoin Could Reach $1 Million, But How? From the chart, it’s apparent that the SSR had sharply risen to a pretty high value when BTC had broken above the $28,000 level. This suggests that investors were possibly deploying their stablecoin reserves into the asset to fuel the rally. After the break, however, the asset had been stuck in consolidation for a few weeks around this level. While this was happening, though, the SSR had been constantly declining, implying that some fresh stablecoin gunpowder was accumulating in the market. In the last few days, as the cryptocurrency’s price has risen above the $30,000 level, the SSR indicator has also once again shot up. This pattern may mean that it was the stables that had piled up in the market that were behind this latest leg up in the rally. Naturally, the higher the SSR goes, the more likely BTC gets to a top as the buying pressure runs dry. But since the metric was able to hit even higher values during the surge above $28,000, it’s possible that the cryptocurrency could have more room to grow before a high is hit. BTC Price At the time of writing, Bitcoin is trading around $30,400, up 8% in the last week. BTC has risen in the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":526953,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,1119,1144,15241,87934],"class_list":["post-526950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-stablecoins","tag-stables"],"acf":[],"yoast_head":"\nBitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests<\/title>\n<meta name=\"description\" content=\"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests\" \/>\n<meta property=\"og:description\" content=\"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-15T13:58:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:06:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keshav Verma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/keshavvarma29\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Keshav Verma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\"},\"author\":{\"name\":\"Keshav Verma\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6\"},\"headline\":\"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests\",\"datePublished\":\"2023-04-15T13:58:47+00:00\",\"dateModified\":\"2024-06-11T07:06:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\"},\"wordCount\":525,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\",\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"btc\",\"btcusd\",\"Stablecoins\",\"Stables\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\",\"name\":\"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\",\"datePublished\":\"2023-04-15T13:58:47+00:00\",\"dateModified\":\"2024-06-11T07:06:48+00:00\",\"description\":\"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\",\"width\":2560,\"height\":1707,\"caption\":\"Bitcoin Rally\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6\",\"name\":\"Keshav Verma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g\",\"caption\":\"Keshav Verma\"},\"description\":\"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/wncen.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests","description":"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests","og_description":"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins","og_url":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2023-04-15T13:58:47+00:00","article_modified_time":"2024-06-11T07:06:48+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","type":"image\/jpeg"}],"author":"Keshav Verma","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/keshavvarma29","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Keshav Verma","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/"},"author":{"name":"Keshav Verma","@id":"https:\/\/wncen.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6"},"headline":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests","datePublished":"2023-04-15T13:58:47+00:00","dateModified":"2024-06-11T07:06:48+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/"},"wordCount":525,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","keywords":["bitcoin","bitcoin rally","btc","btcusd","Stablecoins","Stables"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","url":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","name":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","datePublished":"2023-04-15T13:58:47+00:00","dateModified":"2024-06-11T07:06:48+00:00","description":"On-chain data shows the recent rise in the price of Bitcoin above the $30,000 mark may be fueled by stablecoins being shifted into the asset. Stablecoins","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","width":2560,"height":1707,"caption":"Bitcoin Rally"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6","name":"Keshav Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests","url":"http:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-rise-fueled-stablecoins-on-chain-data\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin rally","btc","btcusd","stablecoins","stables"],"dateCreated":"2023-04-15T13:58:47Z","datePublished":"2023-04-15T13:58:47Z","dateModified":"2024-06-11T07:06:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rise Fueled By Stablecoins, On-Chain Data Suggests\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rise-fueled-stablecoins-on-chain-data\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rise-fueled-stablecoins-on-chain-data\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"btc\",\"btcusd\",\"stablecoins\",\"stables\"],\"dateCreated\":\"2023-04-15T13:58:47Z\",\"datePublished\":\"2023-04-15T13:58:47Z\",\"dateModified\":\"2024-06-11T07:06:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-4KJJezDyo3M-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/526950"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=526950"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/526950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/526953"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=526950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=526950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=526950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}