It has been 21 days since Paxos declared that it would no longer mint the stablecoin BUSD. Since then, the total value of stablecoins has been redeemed worth more than $7 billion. Before that, BUSD was positioned among the top-10 crypto assets, per the statement. This has caused fluctuations in the market capitalization of the top ten cryptocurrencies.
2023 Records Changes In the Top 10 Cryptocurrencies By Market Capitalization
Every year, the leading ten cryptocurrencies according to market capitalization display remarkable changes, which was witnessed last year when three stablecoins made it into the top 10. Also, there were only two proof-of-work (PoW) cryptocurrencies within the top ten last year. This is still the case today.
The players in the top ten crypto list have shifted since BUSD exited the top 10 rankings. For instance, the top 10 currently features only two stablecoins: tether (USDT), which is the third-largest cryptocurrency in terms of market capitalization, and usd coin (USDC), which is the fifth-largest crypto by market value.
The tenth largest digital token in terms of valuation, Polygon (MATIC), is a recent addition to the top ten cryptocurrency market capitalization rankings. The day before Paxos declared that BUSD would no longer be minted, MATIC was valued at $11.55 billion.
On Feb. 12, 2023, Okx’s exchange token OKB was not among the top ten cryptocurrencies by market capitalization, according to an archive.org snapshot. Since then, OKB, the utility token, has moved up several spots to be the seventh largest according to market valuation.
OKB has increased by more than 25% against USD over the last month. Year-to-date, the exchange/utility token is up 176.3%. On the other hand, the US dollar has decreased by 4% over the two-week period. OKB is currently one of two exchange/utility tokens within the top ten cryptos, the other one being binance coin (BNB), which is the second most valuable cryptocurrency after ethereum (ETH), with a market cap of $122.7 billion.
The market capitalization of the top 10 cryptocurrencies has been through a significant shakeup in recent times, with BNB now ranking fourth in the list. There are currently two stablecoins and two tokens used for exchanges/utilities. Furthermore, four smart contract tokens, and two proof-of-work payment crypto assets, including Solana (SOL), which is close to the top ten in terms of market cap, make up the top ten. Also, there is Lido’s staked ether (STETH).
Investors are now wondering how the composition of the top ten list of cryptocurrencies will change in the future, and what impact it will have on market values. Will it be a case of new assets entering the list or old ones dropping out? Or could there be a complete reshuffle? What do you think? Please share your thoughts in the comments section.
