As Bitcoin (BTC) continues its bullish trend, reaching a new two-month high amid news of a U.S. government shutdown, some profit-taking signals are emerging in the market. Cryptocurrency strategist Chris Burniske suggests now is the time to take some profits, recommending a fractional selling strategy amid the uptrend.
Burnisk stated on his X (formerly Twitter) that while Bitcoin still has upside potential, it's best to take some profits while investors are psychologically relaxed. He also stated that he is a "consistent and patient seller" of major cryptocurrencies, maintaining a certain amount of cash while maintaining a certain proportion of his investments in Bitcoin. On this day, the Bitcoin price recorded $119,450 (approximately 165.86 million won) on major spot exchanges, up 1.84% on the day, reflecting strong buying.
Meanwhile, the potential for tectonic shifts in the stablecoin market is also noteworthy. Nic Carter, partner at Castle Island Ventures and co-founder of blockchain data firm Coinmetrics, warned that "the stable 'bipolar structure' centered around USDT and USDC is coming to an end." He cited the following as reasons: the possibility of traditional financial companies issuing their own stablecoins, the entry of smaller stablecoins due to yield competition, and the rapid proliferation of bank-backed stablecoins.
Currently, Tether (USDT) and USDC account for $243 billion (approximately KRW 337 trillion) of the total stablecoin market capitalization of approximately $300 billion (approximately KRW 417 trillion). However, with Ethena's USDe emerging as a third force, with a market cap of $14 billion (approximately KRW 19.46 trillion), analysis suggests that this market monopoly is being shaken.
Even amidst this, Tether's growth is explosive. Chris Pavlovski, CEO of content platform Rumble, garnered attention by stating that USDT circulation will "reach trillions of dollars much sooner than anyone thinks." Indeed, Tether has set a new record this year, with circulation reaching $175 billion (approximately 243 trillion won). Last year, the figure was $119 billion (approximately 165 trillion won). Its competitor, USDC, also surged from $35 billion (approximately 48.65 trillion won) to $73 billion (approximately 101.47 trillion won) during the same period.
Tether invested $775 million (approximately KRW 1.076 trillion) in Rumble in December of last year, and with a corporate value of $500 billion (approximately KRW 695 trillion), there is a possibility that Rumble could become the world's largest private company, surpassing even OpenAI.
As the prices of major cryptocurrency assets continue to rise, two forces are shaking the market: profit-taking and new competitive trends. With Bitcoin heading toward $120,000, investors are faced with the question: "When should I buy and when should I sell?"
Get real-time news... Go to TokenPost Telegram
Copyright © TokenPost. Unauthorized reproduction and redistribution prohibited.
