In July 2023, the transaction volume of stablecoins reached an all-time high of $1.5 trillion, significantly increasing from the previous month. This event has sparked active interest from investors in altcoins.
Increase in Stablecoin Transaction Volume
According to Sentora research, July saw a notable increase in stablecoin transaction volume, which totaled $1.5 trillion, up 19% from June’s $1.26 trillion. The growth coincided with the introduction of the U.S. GENIUS Act, which clarified regulations in the stablecoin sector.
MAGACOIN FINANCE: A New Name in the Altcoin Market
Among the altcoins gaining traction, MAGACOIN FINANCE stands out as an intriguing project. It is a decentralized token that is capturing the attention of analysts due to its serious fundamentals. The token features audited contracts, no VC control, and capped supply. MAGACOIN FINANCE is actively integrating with MetaMask, Coinbase Wallet, and Trust Wallet, ensuring its accessibility.
Outlook for Ethereum and Dogecoin
Ethereum is also preparing for a significant move, with expectations that its price may rise substantially upon breaking above $4,000. Analysts emphasize that support levels at $3,600 and $3,300 are crucial. Meanwhile, Dogecoin is eyeing a possible rally after rebounding from a key support level of $0.188, with projections for a move to $0.485.
Given the current stablecoin transaction volumes and a moderate easing of regulatory barriers, the cryptocurrency market is entering a new growth phase. Especially noteworthy are the altcoins that may see significant increases in the coming months.
