It has been 21 days since Paxos announced that it would end minting the BUSD stablecoin. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a Top Ten crypto asset. However, the top ten cryptocurrencies by market valuation have changed since the redemption. Currently, there are only two stablecoins in the Top Ten ranking, with the Okx exchange token, OKB, joining them.
2023 marks a change in the top 10 cryptocurrencies by market capitalization
Each year, the top 10 cryptocurrencies by market capitalization change significantly; last year, for example, three stablecoins entered the top 10 for the first time. Additionally, the number of proof-of-work (PoW) cryptocurrencies in the top 10 dropped to two tokens last year (BTC, DOGE), and it continues to do so.
In the 21 days since BUSD was removed from the top 10 rankings, the competition for the top 10 cryptocurrencies has changed. There are now only two stablecoins in the group, for example, Tether (USDT), the third largest cryptocurrency by market capitalization, and USD Coin (USDC), the fifth largest crypto by market valuation.
A relative newcomer to the top 10 cryptocurrencies by market cap is polygon (MATIC), currently the 10th largest digital token by valuation. paxos announced that it would end its minting of BUSD, the day before, MATIC was the 10th largest cryptocurrency by market capitalization, with a market capitalization of $11.55 billion.
33} About February 12, 2023, Okx’s exchange token OKB was not among the top 10 cryptocurrencies by market capitalization, according to an archive.org snapshot. However, OKB, a utility token, has since risen a few spots and now ranks seventh in market capitalization.
OKB has gained more than 25% against the US dollar over the past month. Year-to-date, the exchange/utility token is up 176.3%. However, two-week statistics show a 4% loss against the greenback; the OKB puts two exchange/utility tokens in the top 10 cryptocurrencies, and the fourth largest cryptocurrency by market capitalization,BNBis the second.
Now in the top 10 are two stablecoins, two exchange/utility tokens, four smart contract tokens, and two proof-of-work payment crypto assets. Two cryptocurrencies near the top 10 by market capitalization are Solana (SOL) and Lido’s Staked Ether (STETH).
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