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. While all the crypto assets combined shed 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 significant losses, the stablecoin UST has managed to take the top ten market capitalization among 13,439 crypto assets.
3 Stablecoins occupy the top 10 positions, Terrausd enters in 10th place
Today, three stablecoins now hold a position in the ten largest cryptocurrency market caps. While tether (USDT) and usd coin (USDC) have been in the top ten for some time, Terra’s UST is now in the top spot since crypto market conditions turned red. Another fundamental that pushed the UST higher is the fact that the market valuation of the algorithmic stablecoin has increased by 12.3% in the last 30 days.
There hasnt been another 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 capitalization, which represents 4.78% of the entire crypto economy.
USDC has a market capitalization of $48.7 billion, which equates to 2.79% of the $1.7 trillion crypto-economy. Terrausd (UST) has a valuation of approximately $18.76 billion and represents 1.07% of the total value of all 13,439 crypto assets combined.
5 Crypto Assets Represent 66.44% of the Crypto Economy, BUSD and DAI Hold Positions in the Top 20
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 represent 66.44% of the capitalization of the entire crypto economy as of May 6, 2022. In addition to the importance of three stablecoins in the top ten market positions of crypto, the Binance BUSD stablecoin is currently in the 11th place with a market capitalization of $17.5 billion.
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 flouted and taken for granted, chances are no one thought the fiat token project would be a top ten contender. Additionally, the entire batch of stablecoins is worth $189.52 billion today. Of today’s $110.46 billion in global trading volume, stablecoin trading accounts for $75.82 billion of Friday’s volume.
