With Bitcoin (CRYPTO: BTC) breaking above $66,000, 10x Research predicts a swift move towards $70,000 and new all-time highs, fueled by stablecoin minting, monetary stimulus in China and renewed altcoin activity.
What Happened: The 10x Research analysts led by Markus Thielen highlighted in their latest report that since the Federal Reserve’s September rate cut, Bitcoin and Ethereum (CRYPTO: ETH) have surged 5% and 11%, respectively.
Some altcoins also experienced more impressive gains like Ethena (CRYPTO: ENA), Sei (CRYPTO: SEI) and Shiba Inu (CRYPTO: SHIB) reported gains of 54%, 51%, and 36%, respectively.
The analysts point out several factors driving the uptrend:
Stablecoin Minting
The uptrend is supported by accelerating stablecoin minting, with nearly $10 billion issued in recent weeks, surpassing Bitcoin ETF flows.
Circle, the company behind (CRYPT: USDC) and known …
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