It has been 21 days since Paxos revealed that it will now not mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Previous to the announcement, BUSD was as soon as a top-ten crypto asset. Nonetheless, the highest ten cryptocurrencies by market valuation have modified for the reason that redemptions. Presently, there are solely two stablecoins within the prime ten standings, and the Okx alternate token, OKB, has joined the pack.
2023 Information Modifications within the Prime 10 Cryptocurrencies by Market Capitalization
Yearly, the highest ten cryptocurrencies by market capitalization change considerably, similar to final yr when three stablecoins entered the highest ten for the primary time. Moreover, the variety of proof-of-work (PoW) cryptocurrencies within the prime ten fell to 2 tokens final yr (BTC, DOGE), and that continues to be the case at the moment.
Within the 21 days since BUSD was faraway from the highest ten standings, the highest ten cryptocurrency opponents have modified. For instance, there at the moment are solely two stablecoins within the group, together with tether (USDT), the third-largest cryptocurrency by market capitalization, and usd coin (USDC), the fifth-largest crypto when it comes to market valuation.
A comparatively new entrant into the highest ten cryptocurrencies by market capitalization is polygon (MATIC), at the moment the tenth largest digital token by valuation. The day earlier than Paxos introduced it will now not mint BUSD, MATIC was the tenth largest cryptocurrency by market capitalization, with an $11.55 billion market cap.
On Feb. 12, 2023, Okx’s alternate token OKB was not among the many prime ten cryptocurrencies by market capitalization, in keeping with an archive.org snapshot. Nonetheless, the utility token OKB has since moved up just a few spots and is now the seventh largest by market valuation.
OKB has risen greater than 25% in opposition to the U.S. greenback over the previous month. 12 months-to-date, the alternate/utility token is up 176.3%. Nonetheless, two-week statistics present a 4% loss in opposition to the buck. With OKB, there at the moment are two alternate/utility tokens within the prime ten cryptocurrencies, and the fourth-largest cryptocurrency by market capitalization, BNB, is the second.
There at the moment are two stablecoins, two alternate/utility tokens, 4 good contract tokens, and two proof-of-work cost crypto property within the prime ten. Two cryptocurrencies which might be near the highest ten by market capitalization embody solana (SOL) and Lido’s staked ether (STETH).
What do you suppose the longer term holds for the composition of the highest ten cryptocurrencies by market capitalization? Share your ideas within the feedback part under.
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