Since March 27, more than 21% of the fiat value of digital currencies has been chopped. While all crypto assets have lost around 0.8 percent in the previous 24 hours, bitcoin has lost 9.4 percent since last week, while Ethereum has lost 8.1 percent versus the US dollar in seven days.
The stable coin UST has managed to take the top 10 market capitalization among 13,439 crypto assets after the crypto economy’s substantial losses.
TerraUSD (UST) Enters the 10th Spot
Three stablecoins are currently among the top 10 most valuable cryptocurrency market capitalizations. While tether (USDT) and USD Coin (USDC) have long been in the top 10, Terra’s UST has risen to the top ten as the crypto economy’s market circumstances deteriorated.
The fact that the algorithmic stablecoin’s market valuation increased by 12.3 percent in the previous 30 days is another fundamental that pushed UST higher.
There hasn’t been another period in the crypto industry when three stablecoins are in the top 10 and fiat-pegged tokens are a dominant force. Tether (USDT) has a market valuation of $83.3 billion, accounting for 4.78 percent of the whole crypto economy.
The market capitalization of USDC is $48.7 billion, or 2.79 percent of the $1.7 trillion crypto industry. Terra Usd (UST) is valued at roughly $18.76 billion, accounting for 1.07 percent of the total value of all 13,439 crypto assets.
5 Crypto Assets Represent 66.44% of the Crypto Economy
USDT, USDC, and UST are the top three stable coins in the top ten, accounting for 8.64 percent of the crypto economy’s fiat value. Given that bitcoin’s (BTC) market capitalization is 39.2 percent and Ethereum’s (ETH) capitalization is 18.6 percent of today’s $1.7 trillion total, it’s a significant amount.
On May 6, 2022, BTC, ETH, USDT, USDC, and UST accounted for 66.44 percent of the whole crypto economy’s capitalization. In addition to three stablecoins being in the top ten crypto market positions, the Binance stable coin BUSD is presently ranked 11th with a market valuation of $17.5 billion.
There are just two stable coin projects in the top 20 greatest crypto market values, aside from USDT, USDC, and UST. BUSD and Makerdao’s decentralized stable coin DAI are among the stablecoins.
Years ago, when stablecoins were mocked and dismissed, no one would have predicted that the fiat-pegged token projects would be in the top ten. Furthermore, the total value of all stablecoins is currently $189.52 billion. Stablecoin swaps account for $75.82 billion of the $110.46 billion in worldwide trade volume on Friday.