The last five weeks has been brutal for digital currencies as more than 21% has been shaved off the crypto economy’s fiat value since March 27. Although all crypto assets lost roughly 0.8% within the last 24hrs, bitcoin’s loss of 9.4% over the same period has been reported by seven-day statistics that show an 8.1% drop in ethereum against the U.S. dollars. Since the crypto economy’s significant losses, the stablecoin UST has managed to take the top ten market capitalization among 13,439 crypto assets.
Three Stablecoins Maintain Top Ten Positions; Terrausd Takes the 10th Placement
Today’s top ten cryptocurrency market capitalizations include three stablecoins. 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 turned red. Another fundamental that pushed UST higher is the fact that the algorithmic stablecoin’s market valuation expanded by 12.3% over the last 30 days.
It has been years since three stablecoins occupy the top ten positions and fiat currency tokens have played a significant role in the cryptocurrency ecosystem. USDT’s market capitalization is $83.3Billion, or 4.78% of all crypto economies.
USDC is valued at $48.7B in market capitalization. This equates roughly to 2.9% of crypto’s $1.7Tillion economy. Terrausd (UST), which has a value of $18.76 Billion, represents 1.07% in total crypto assets.
5. Crypto Assets Make up 66.44% Of the Crypto Economy.
Between all three of the stablecoins 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) capitalization 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 capitalization on May 6, 2022. Aside from the three stablecoins at the top ten positions in crypto market, BUSD (Binance stablecoin) is currently on the 11th spot. It has a $17.5 million 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 stablecoin DAI.
Years ago when stablecoins were scoffed at and taken for granted, it’s likely no one thought the fiat-pegged token project’s would be top ten contenders. The entire amount of current stablecoins is valued at $189.52 million. Out of today’s $110.46 billion in global trade volume, stablecoin swaps represent $75.82 billion of Friday’s volume.
How do you feel about three stablecoins being among the top ten candidates? Please comment below to let us know your thoughts on this topic.
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