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Bitcoin Rallies to Yearly Highs and SAP Tests USDC

Jun 23, 2023
Author
JB DeGroft
JB DeGroft
Market Update Crypto markets sharply continued their move higher today, with $BTC and $ETH rising 4.23% and 2.32%, respectively, at the time of writing. Bitcoin continues to lead the market, evidenced by it breaking its yearly highs and Bitcoin's Dominance Ratio rising 0.86% to 51.84%, its highest level since April of 2021. This ratio measures Bitcoin's market cap relative to the rest of the crypto market, and its rising means that Bitcoin is outperforming the majority of altcoins. This is generally viewed as healthy for the market because it shows the market isn't overly frothy, and investors are mostly favoring Bitcoin over the more speculative altcoins. While most altcoins are lagging behind Bitcoin, there are a few standouts. $LINK has risen 9.37%, $PEPE has risen 8.06%, and $BCH has risen 40%. The German software company, SAP, is testing Circle's USDC stablecoin for clients to tackle difficulties associated with existing cross-border payments. The company aims to provide a solution to the hassle that businesses experience when sending money overseas. Today's cross-border payments cost up to $50 per transaction, take up to seven days to transfer, and are non-transparent. SAP plans to leverage Circle's U.S. dollar-pegged stablecoin and its less-adopted Euro-pegged equivalent

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