CryptoQuant Research Director Julio Moreno says the increase in stablecoin market cap in recent months could be a factor driving the potential upward trend of Bitcoin and other major cryptocurrencies. The growing market cap of stablecoins is a key driver of rising crypto prices as they provide liquidity to the crypto market. Data shows a net inflow of stablecoins into CEXs over the past two months. "Stablecoin balances on exchanges have been growing, and CEX USDT reserves have hit a new all-time high of $22.5 billion going into 2024," Moreno said. Moreno notes that stablecoin market cap has hit all-time highs this year, "The total market cap of stablecoins is positively correlated with the rise in the Bitcoin price." (The Block)