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

It has been 21 days since Paxos revealed that it would nary longer mint the stablecoin BUSD. Since then, implicit 7 cardinal BUSD stablecoins person been redeemed. Prior to the announcement, BUSD was erstwhile a top-ten crypto asset. However, the apical 10 cryptocurrencies by marketplace valuation person changed since the redemptions. Presently, determination are lone 2 stablecoins successful the apical 10 standings, and the Okx speech token, OKB, has joined the pack.

2023 Records Changes successful the Top 10 Cryptocurrencies by Market Capitalization

Every year, the apical 10 cryptocurrencies by marketplace capitalization alteration significantly, specified arsenic past twelvemonth erstwhile 3 stablecoins entered the apical 10 for the archetypal time. Additionally, the fig of proof-of-work (PoW) cryptocurrencies successful the apical 10 fell to 2 tokens past twelvemonth (BTC, DOGE), and that remains the lawsuit today.

In the 21 days since BUSD was removed from the apical 10 standings, the apical 10 cryptocurrency competitors person changed. For example, determination are present lone 2 stablecoins successful the group, including tether (USDT), the third-largest cryptocurrency by marketplace capitalization, and usd coin (USDC), the fifth-largest crypto successful presumption of marketplace valuation.

Top 10 crypto assets by marketplace capitalization connected March 6, 2023.

A comparatively caller entrant into the apical 10 cryptocurrencies by marketplace capitalization is polygon (MATIC), presently the tenth largest integer token by valuation. The time earlier Paxos announced it would nary longer mint BUSD, MATIC was the tenth largest cryptocurrency by marketplace capitalization, with an $11.55 cardinal marketplace cap.

On Feb. 12, 2023, Okx’s speech token OKB was not among the apical 10 cryptocurrencies by marketplace capitalization, according to an archive.org snapshot. However, the inferior token OKB has since moved up a fewer spots and is present the seventh largest by marketplace valuation.

OKB has risen much than 25% against the U.S. dollar implicit the past month. Year-to-date, the exchange/utility token is up 176.3%. However, two-week statistic amusement a 4% nonaccomplishment against the greenback. With OKB, determination are present 2 exchange/utility tokens successful the apical 10 cryptocurrencies, and the fourth-largest cryptocurrency by marketplace capitalization, BNB, is the second.

There are present 2 stablecoins, 2 exchange/utility tokens, 4 astute declaration tokens, and 2 proof-of-work outgo crypto assets successful the apical ten. Two cryptocurrencies that are adjacent to the apical 10 by marketplace capitalization see solana (SOL) and Lido’s staked ether (STETH).

What bash you deliberation the aboriginal holds for the creation of the apical 10 cryptocurrencies by marketplace capitalization? Share your thoughts successful the comments conception below.

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