In this indicator you will find the sum of all stable coins (market cap) divided by the total crypto market cap.
I believe there's a positive correlation between stable coins issuance and BTC's(and other coins) price appreciation. Or shortly put, to me the rising levels of stable coins represent increased levels of buying power (and adoption) waiting on the sidelines.
Here, I am taking the total market cap of all stable coins and dividing it by the total crypto market cap to get a ratio. Note, only ~85% of all stable coins are calculated (rest are not on TV), however, it should still be a fairly good representation. Some of the stable coins are already locked in smart contracts for yield farming and what not. I'd also say, there's interesting 2-year long channel that's developing currently. That said, take this indicator with a grain of salt as we still have a limited set of data.
Brilliant idea thanks! I wanted to add "CRYPTOCAP:BUSD" in the calculations but it gives a calculation error, how can we add more stable coins in the algorithm?
pegoff
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@slayomer, Try the glassnode BUSD market cap ticker. GLASSNODE:BUSD_MARKETCAP
slayomer
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@pegoff, I added busd like you said (busd = request.security('GLASSNODE:BUSD_MARKETCAP', timeframe.period, close)) but didn't work
WolfBenz
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Hi 5MioMax - I tried this script for the first time today but it gives an error trying to render. Has this gotten obsolete? (/ is there a new version available?). However simple this looks, this is a really important metric!