3 Stable coins Command Top 10 Positions in the Crypto Economy
The last five weeks has been severe for digital currencies as more than 21% has been trimmed off the crypto economy’s fiat value since March 27. While all the crypto assets combined peeled roughly 0.8% in the last 24 hours, bitcoin has lost 9.4% since last week and seven day statistics show ethereum has dropped 8.1% against the U.S. dollar. Since the crypto economy’s substantial losses, the stablecoin UST has managed to take the top ten market capitalisation among 13,439 crypto assets.
3 Stable coins Hold Top 10 Positions, Terrausd Enters the 10th Spot
Three stablecoins now command a position in the top ten largest cryptocurrency market capitalisations. While tether (USDT) and usd coin (USDC) have been in the top ten for quite some time, Terra’s UST is now holding the top ten spot since the crypto economy’s market conditions dipped south. Another fundamental that pushed UST higher is the fact that the algorithmic stable coin’s market valuation improved by 12.3% over the last 30 days.
This is the first time when three stablecoins command a top ten position and fiat-pegged tokens have been a prominent force in the crypto ecosystem. Tether (USDT) has a significantly large $83.3 billion market capitalisation, which represents 4.78% of the entire crypto economy.
USDC has $48.7 billion market capitalisation, which equates to 2.79% of the $1.7 trillion crypto economy. Terrausd (UST) has a valuation of around $18.76 billion and it represents 1.07% of the aggregate value of all 13,439 crypto assets combined.
5 Crypto Assets Represent 66.44% of the Crypto Economy
Between all three of the stable coins in the top ten, USDT, USDC, and UST represent 8.64% of the crypto economy’s fiat value. That’s pretty large seeing how bitcoin’s (BTC) market valuation is 39.2% and ethereum’s (ETH) capitalisation is 18.6% of today’s $1.7 trillion total.
BTC, ETH, USDT, USDC, and UST equate to 66.44% of the entire crypto economy’s capitalisation on May 6, 2022. In addition to the prominence of three stablecoins in the top ten crypto market positions, the Binance stable coin BUSD is currently in the 11th spot with a $17.5 billion market cap.
Besides USDT, USDC, and UST, there’s only two stablecoin projects in the top 20 largest crypto market valuations. The stablecoins include BUSD and Makerdao’s decentralized stable coin DAI.
Years ago when stable cloins were ridiculed at and taken for granted, it's likely no one thought the fiat-pegged token project’s would be top ten contenders. Furthermore, the entire lot of stable coins today is worth $189.52 billion. Out of today’s $110.46 billion in global trade volume, stable coin swaps represent $75.82 billion of Friday’s volume.
0 Comments