Redemption and Reshuffling: BUSD’s Exit From Prime 10 Cryptocurrencies Shakes Market Valuations

It has been 21 days since Paxos revealed that it could 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. Nevertheless, the highest ten cryptocurrencies by market valuation have modified because the redemptions. Presently, there are solely two stablecoins within the high ten standings, and the Okx change 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, comparable to final 12 months when three stablecoins entered the highest ten for the primary time. Moreover, the variety of proof-of-work (PoW) cryptocurrencies within the high ten fell to two tokens final 12 months (BTC, DOGE), and that continues to be the case right this moment.

Within the 21 days since BUSD was removed from the highest ten standings, the highest ten cryptocurrency rivals 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 could 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 change token OKB was not among the many high ten cryptocurrencies by market capitalization, in response to an archive.org snapshot. Nevertheless, 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% towards the U.S. greenback over the previous month. 12 months-to-date, the change/utility token is up 176.3%. Nevertheless, two-week statistics present a 4% loss towards the dollar. With OKB, there at the moment are two change/utility tokens within the high ten cryptocurrencies, and the fourth-largest cryptocurrency by market capitalization, BNB, is the second.

There at the moment are two stablecoins, two change/utility tokens, 4 good contract tokens, and two proof-of-work cost crypto belongings within the high ten. Two cryptocurrencies which can be near the highest ten by market capitalization embrace solana (SOL) and Lido’s staked ether (STETH).

What do you suppose the long run holds for the composition of the highest ten cryptocurrencies by market capitalization? Share your ideas within the feedback part under.