Stablecoin Dominance Shows Bearish Signals
The stablecoin dominance of USDT and USDC is showing signs of bearish divergence on high-timeframe charts. This phenomenon has some traders drawing parallels to the start of 2023, when the crypto market as a whole experienced significant downturns.
In January 2023, the bull-bands for Bitcoin broke below, leading to widespread losses across the crypto space. Traders are now wondering if history will repeat itself as USDT and USDC show signs of weakening dominance.