Bitcoin Price Crossed $57K; Is Stablecoin USDC Making a Comeback?

Bitcoin hits two year highs. You're watching Coindesk Daily. I'm your host, Jen Sani Bitcoin topped $57,000 for the first time since November 2021. As of 10 am Eastern time. The price of the largest Cryptocurrency by market cap is sitting at around $56,900. The rally and Monday morning in the United States and spurred sizable activity in the US bought Bitcoin ETF S with the group excluding Greyscale G BT C posting a record high $2.4 billion in trading volume according to Bloomberg. Ether is also experiencing a rally with the price sitting at around 3250 as of 10 a.m. eastern time. And it looks like us. Investors are the primary drivers for the recent rally as indicated by the Coinbase premium metric which shows a spike in demand from the exchange preceding the jump. The anticipation of a possible spot, Ether ETF in the United States has sparked further buying demand in the region with experienced traders ramping up exposure to E since January and Coinbase Institutional says that circles us DC. The second largest Stablecoin by market cap is making a comeback with liquidity increasing worldwide and usage growing rapidly outside the US leading to a sharp increase in supply in recent months. In a research report, analysts, David Dang and Li Liu said the supply of US DC has increased by 14.3% or over $3.5 billion. December 1st 2023 taking its total market cap to $28 billion compared to a smaller 8.7% growth for us. DT over the same period, the authors noted that US D CS increase in liquidity reflects the overall pick up in both retail and institutional demand. As crypto has moved into a new phase of its market cycle. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.