The last five weeks have been brutal for digital currencies as more than 21% has been shaved from the fiat value of the crypto economy since March 27. While all crypto assets combined are about 0.8% in the last 24 hours, bitcoin has lost 9.4% since . last week and seven days of statistics show ethereum has dropped 8.1% against the US dollar. Since the significant crypto economic losses, UST stablecoin has been able to capture the top ten market capitalization among 13,439 crypto assets.
3 Stablecoin Top 10 Positions, Terrausd Enters 10 Positions
Today, three stablecoins now hold positions in the ten largest cryptocurrency market capitalizations. While hanging (USDT) and the usd coin (USDC) have been in the top ten for some time, Terra’s UST now holds the top ten spots since crypto economic market conditions turned red. Another basis that pushed UST higher is the fact that the market value of the algorithmic stablecoin increased 12.3% over the last 30 days.
There is no other time when three stablecoins command the top ten positions and tokens placed on fiat have become an important force in the crypto ecosystem. Tether (USDT) has a whopping $ 83.3 billion market capitalization, representing 4.78% of all crypto economies.
USDC has a market capitalization of $ 48.7 billion, which is equivalent to 2.79% of the $ 1.7 trillion crypto economy. Terrausd (UST) is valued at approximately $ 18.76 billion and represents 1.07% of the aggregate value of all 13,439 crypto assets combined.
5 Crypto Assets Representing 66.44% of the Crypto Economy, BUSD and DAI Hold Position in Top 20
Among the three stablecoin in the top ten, USDT, USDC, and UST represent 8.64% of the fiat value of the crypto economy. It’s great enough to see how bitcoin (BTCmarket valuation is 39.2% and ethereum (ETH) capitalization is 18.6% of the current $ 1.7 trillion total.
BTC, ETH, USDTUSDC, and UST accounted for 66.44% of all crypto economy capitalization as of May 6, 2022. In addition to the prominence of three stablecoin in the top ten crypto market positions, Binance stablecoin BUSD is currently ranked 11th with $ 17.5 billion market capitalization .
In addition USDT, USDC, and UST, are the only two stablecoin projects in the 20 largest crypto market valuations. Stablecoin includes BUSD and DAI Makerdao decentralized stablecoin.
Years ago when stablecoins were ridiculed and denigrated, surely no one expected that the fiat-pegged token project would be the top ten competitor. Furthermore, all stablecoin is now valued at $ 189.52 billion. Of the current $ 110.46 billion global trade volume, the stablecoin swap represented $ 75.82 billion in volume on Friday.
What do you think about the fact that three stablecoins are now the top ten competitors? Let us know what you think about this subject in the comments section below.
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