The past five weeks have been brutal for digital currencies as more than 21% of the crypto economy’s fiat value has been stripped away since March 27. While all crypto assets combined are down about 0.8% over the past 24 hours, Bitcoin is down 9.4% since last week and seven-day stats show Ethereum down 8.1% against the US dollar . Since the crypto economy’s significant losses, the stablecoin UST has managed to occupy the top ten market cap among 13,439 crypto assets.
3 stablecoins hold top 10 positions, Terrausd enters 10th place
Today, three stablecoins occupy a position among the top ten largest cryptocurrency market caps. While Tether (USDT) and USD coin (USDC) have been in the top ten for quite some time, Terra’s UST now holds the top ten spot as crypto market conditions turned red. Another fundamental factor that has propelled UST higher is the fact that the algorithmic stablecoin’s market valuation has increased by 12.3% over the past 30 days.
There was no other time when three stablecoins held a top ten position and fiat-pegged tokens were a prominent force in the crypto ecosystem. Tether (USDT) has a notable market cap of $83.3 billion, which is 4.78% of the total crypto economy.
USDC has a market cap of $48.7 billion, which is 2.79% of the $1.7 trillion crypto economy. Terrausd (UST) has a valuation of around $18.76 billion and accounts for 1.07% of the total value of all 13,439 crypto assets combined.
5 crypto assets make up 66.44% of the crypto economy, with BUSD and DAI holding positions in the top 20
Of all three stablecoins in the top ten, USDT, USDC, and UST account for 8.64% of the crypto economy’s fiat value. That’s pretty high considering Bitcoin’s (BTC) market valuation is 39.2% and Ethereum’s (ETH) cap is 18.6% of today’s total of $1.7 trillion.
BTC, ETH, USDT, USDC, and UST account for 66.44% of the crypto economy’s total capitalization as of May 6, 2022. Alongside the prominent prominence of three stablecoins in the top ten crypto market positions, Binance’s BUSD stablecoin currently sits in the spot 11 with a market cap of $17.5 billion.
Besides USDT, USDC and UST, there are only two stablecoin projects in the top 20 largest crypto market ratings. Stablecoins include BUSD and Makerdao’s decentralized stablecoin DAI.
Years ago, when stablecoins were derided and taken for granted, probably no one thought the fiat-pegged token project would be among the top ten contenders. Furthermore, the total amount of stablecoins today is worth $189.52 billion. Of today’s $110.46 billion in global trading volume, stablecoin swaps make up $75.82 billion of Friday’s volume.
What do you think of the fact that three stablecoins are now top ten contenders? Let us know what you think about this topic in the comment section below.
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